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Consortium Including Tencent Music Entertainment Group Proposed to Acquire Equity Interests in Universal Music Group

SHENZHEN, China, Dec. 31, 2019 /PRNewswire/ --Tencent Music Entertainment Group ("Tencent Music," "TME," or the "Company") (NYSE: TME), the innovative online music entertainment platform in China, today announced that the Company, through one of its wholly-owned subsidiaries, proposes to join a consortium (the "Consortium") led by Tencent Holdings Limited ("THL") to acquire a 10% equity stake in Universal Music Group ("UMG") from its parent company, Vivendi S.A., at an enterprise value of EUR30 billion (the "Transaction"). TME proposed to invest up to a 10% equity interest in the Consortium. The Consortium will also have the option to purchase an additional 10% equity stake in UMG at the same enterprise value as in the Transaction pursuant to the terms of the transaction documents.The Transaction is subject to regulatory approvals and other customary closing conditions, and is expected to close by the first half of 2020. Prior to the closing of the Transaction, TME and UMG also intend to enter into a second agreement that grants TME an option to acquire a minority equity stake in UMG's Greater China business.TME is thrilled to join the consortium in investing in UMG, and intends to further deepen the cooperation with UMG and drive the development of music entertainment market in China.About Tencent Music EntertainmentTencent Music Entertainment Group (NYSE: TME) is the leading online music entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. Tencent Music's mission is to use technology to elevate the role of music in people's lives by enabling them to create, enjoy, share and interact with music. Tencent Music's platform comprises online music, online karaoke and music-centric live streaming services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com.
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