Vivendi has confirmed that it is looking to sell up to half of the shares of its Universal Music Group, while at the same ruling out a spin-off and IPO of the world's largest music group.
On Monday, the media conglomerate said it would sell to "one or more strategic partners, in order to extract the highest value," and is currently negotiating with investment bankers to help in the search.
A previously explored IPO was ruled out “due to its complexity.” Negotiations should begin this Fall with the transaction completed within the next 18 months, Vivendi told investors.
Universal Music has recently been valued at between $30 and $40 billion, with the rapid rise of streaming music expected to drive revenue upward.
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