Vivendi announced on Tuesday it is considering the sale of an additional 10% stake in Universal Music Group to a U.S. investor.
Vivendi, which is planning an initial public offering of the world's biggest label group in Amsterdam by late September, previously sold a 20% stake in it to a consortium led by Chinese online giant Tencent. In the IPO, it will distribute 60%.
"The group is analyzing the opportunity of selling 10 percent of UMG shares to an American investor or initiating a public offering (IPO) of at least 5 percent and up to 10 percent of UMG shares," Vivendi said on Tuesday. "Furthermore, Vivendi will retain 10 percent of the UMG share capital for a minimum period of two years in order to remain associated with the development of its subsidiary" while also "benefiting from the protection of EU legislation applicable to parent companies and subsidiaries from different member states."