Vivendi shares vocals on Universal Music’s floating plane Business

Vivendi investors pushed shares up more than a fifth after the media giant confirmed plans to list Universal Music as a € 30bn (£ 26bn) company by the end of the year.

The French group, controlled by the billionaire Bolloré family, is set to take advantage of investors’ growing appetite for musical investments by offloading 60% of Universal with a listing in Amsterdam.

The confirmation of the plan, which should receive the approval of shareholders at a meeting on March 29, enabled Vivendi to increase by 20% to € 31.41 in Paris, valuing the company at € 37 billion.

The company plans to keep a 20% stake in Universal after the float after selling two 10% stakes to Tencent, the Chinese technology and entertainment conglomerate.

In a note to collaborators on Saturday, Vivendi CEO Arnaud de Puyfontaine and President Yannick Bolloré declared that the decision to open the capital of Universal Music to Tencent had “confirmed its attractiveness to strategic investors”.

“UMG would be able to take advantage of significantly increased financial flexibility to continue its dynamic growth and pioneering role in the music and entertainment industry, to the benefit of artists and fans around the world,” they said. added.

Vivendi owns 80% of Universal alongside investments in the French channel Canal +, the film and television production company Studiocanal, the advertising agency Havas, the publisher of books Editis and Gamesloft, the maker of mobile games.