According to report in Chinese local media, a consortium led by Tencent has completed acquisition of a 10% stake in Universal Music Group.

Members of the consortium include Tencent Music Entertainment Group and other financial investors.

It is said that the transaction valuated Universal Music Group at EUR30 billion. Before January 15, 2021, the consortium has the right to acquire up to 10% additional stake in UMG at the same valuation.

As a part of the transaction, Tencent Music Entertainment Group and Universal Music Group reached another agreement, under which Tencent Music Entertainment Group is granted a share option. The share option allows Tencent Music Entertainment Group to acquire minority equity of Universal Music Group Greater China business within two years from the date of completion of the above transaction.