NautaDutilh assisted a consortium led by Tencent on the listing of Universal Music Group N.V., the world's largest music company, on Euronext Amsterdam (ticker: UMG). The consortium, led by Tencent and participated in by Tencent Music Entertainment and certain global financial investors, owns 20% in the share capital of UMG.
UMG is home to a broad array of businesses engaged in recorded music, music publishing, merchandising and audiovisual content. Featuring the most comprehensive catalogue of recordings and songs across every musical genre, UMG identifies and develops artists, and produces and distributes the most critically acclaimed and commercially successful music in the world.
The listing of UMG on Euronext Amsterdam follows the earlier announced intention by Vivendi, UMG's former major shareholder, to distribute 60% of UMG shares to Vivendi shareholders. The reference price of UMG shares was set at €18.50 per share, resulting in a market capitalization of €33,5 billion. On the first day of trading UMG shares gained almost 38% compared to the reference price. UMG's market capitalisation is now around €43 billion. This is one of the largest listings on Euronext Amsterdam in years. Read more about the listing in the company's press release.
“It has been an exciting journey to alongside an excellent Davis Polk team advise the Tencent-led consortium from its first investment in Universal Music Group almost two years back to now the successful listing on Euronext Amsterdam,' comments lead partner Sybren de Beurs about the deal.
NautaDutilh advised Tencent alongside Davis Polk & Wardwell. The NautaDutilh deal team was headed by Sybren de Beurs and further consisted of Stefan Wissing and Dirk Panis (Corporate M&A), Paul van der Bijl, Esther Schreiber and Marloes van der Laan (Corporate Notarial), David Viëtor, Linda Tomassen and Tamara Gang (Finance) and Antonia Netiv and Sabrina Legerstee (Capital Markets).
- Reuters: Universal Music valued around $39 billion ahead of stock market debut
- Het Financieele Dagblad: Universal Music ruim 35% hoger bij debuut aan Damrak, Vivendi daalt