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Paris — A Tencent Holdings-led consortium will acquire an additional 10% of Universal Music Group (UMG), in a deal that values the world’s biggest music company at €30bn.

The purchase will bring Tencent’s holding in the music group to 20% following a deal in 2019 for a stake at the same valuation. UMG’s connection to the Chinese internet giant will help boost its expansion in Asia, and Tencent will also take a minority holding in UMG’s Chinese subsidiary, the label’s parent company, Vivendi, said on Friday...

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