PARIS, France (CelebrityAccess) — Vivendi, the corporate overlords of label giant Universal Music Group, announced that it is currently planning to launch its long-anticipated Initial Public Offering of UMG by the end of 2021.
According to a statement from Vivendi, the IPO will be held on the Euronext NV exchange in Amsterdam and the company said it has already received a favorable response from the plan from Tencent-led consortium which owns a substantial stake in UMG.
Vivendi estimates the value of UMG at 30 billion euros and currently owns 80% of the company, with the remaining shares controlled by the Tencent-led consortium.
Through its statement, Vivendi also revealed plans to distribute 60 percent of the company’s share capital to existing shareholders that will be
A shareholder meeting has been called in March to approve the IPO plan as well as the special distribution, which will require a change in Vivendi’s bylaws, the company said.
In addition, the Management Board will also propose an ordinary dividend of €0.60 per share for the 2020 fiscal year at the Shareholders’ Meeting called to approve the company’s financial statements on June 22, 2021.
UMG, the largest of the major labels, has an artist roster that includes Billie Eilish, The Rolling Stones, J. Balvin, Lady Gaga, Post Malone, Coldplay, and Taylor Swift, among numerous others.