Tencent Holdings Ltd has turned to Singapore's state investor GIC and other...
LONDON/HONG KONG/PARIS - Tencent Holdings Ltd has turned to Singapore’s state investor GIC and other sovereign funds to help rescue a deal to buy a stake in Vivendi’s Universal Music after major buyout funds quit the negotiating table, sources said.
Bollore is seeking to cash in on the growing public demand for subscription and ad-based music streaming services, which have propelled UMG’s profits over the last four years. U.S. private equity funds KKR and Hellman & Friedman walked away from negotiations last month, the sources said, forcing Singapore’s GIC to tap a series of sovereign wealth funds to rescue the transaction.
Yet the signing may still slip to early January, one of the sources said, as the bidding consortium consists of several sovereign investors who may need longer to win the final blessing from respective governments.If successful the tie-up would build on a partnership struck two years ago, under which Tencent can license Universal’s music for distribution over its streaming platforms.
France Dernières Nouvelles, France Actualités
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