UMG EYEING EARLY 2022 FOR IPO

Universal Music Group plans to go public by early 2022. It's the most specific timetable Vivendi has announced for the move.

Parent company Vivendi made the announcement in Paris today in connection with the completion of the sale of 10% of UMG to a Tencent-led consortium. The Chinese company now has a 20% stake.

Vivendi is using the cash to reduce its financial debt and finance acquisitions. The deal will “notably enable UMG to further develop its activities in Asia.”