Tencent-led consortium agrees to buy 10% of Vivendi's UMG division

PARIS, Dec 31 (Reuters) - French media conglomerate Vivendi said on Tuesday that it had agreed to sell 10% of its Universal Music Group (UMG) division to a consortium led by Tencent, in a deal that sees UMG’s enterprise value at 30 billion euros ($34 billion).

Vivendi added that the Tencent-led consortium had the option to buy on the same price basis up to 10% more of UMG’s share capital by January 15, 2021.

It said the agreement would soon be complemented by a second deal allowing Tencent Music Entertainment to acquire a minority stake in UMG’s subsidiary that houses its operations in Greater China.

$1 = 0.8925 euros Reporting by Sudip Kar-Gupta; editing by Jason Neely