Universal Music Group N.V.’s Separation From Vivendi And Initial Listing

Freshfields represented Universal Music Group N.V. on the deal and Loyens & Loeff advised Vivendi. NautaDutilh and Davis Polk & Wardwell assisted a consortium led by Tencent.

Universal Music Group N.V. (“UMG”), a world leader in music-based entertainment, in its separation from Vivendi SE and the listing of its share capital on Euronext Amsterdam. As part of UMG’s admission to trading on Euronext Amsterdam, which occurred on September 21, 2021, Vivendi shall make a distribution in kind of close to 60% of the outstanding shares of UMG to Vivendi’s existing shareholders, with distribution expected to settle on September 23, 2021.

To prepare UMG for its listing, Vivendi first obtained a third-party valuation for UMG of EUR 35 billion to better serve the interests of its shareholders.

UMG is home to an extensive array of labels and 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 Freshfields team is led by partners Sebastian L. Fain (Picture) and Pamela Marcogliese in New York and Dirk-Jan Smit and Hanneke Rothbarth in Amsterdam, and includes support from corporate associates Zach Truscott, Mark Maarschalkerweerd, Maxine Lemstra, Lasse De Vooght and Nayong Kwon and paralegal Iskander Ong in Amsterdam, Vinita Sithapathy, Khaair Morrison and Jack Liechtung in New York and Jennifer Brokamp and Dylan Blommaert in London. Corporate partners Sarah Solum in Silicon Valley and Andrea Basham in New York are also providing advice in connection with the transaction. Employment advice is being provided by partners Brechje Nollen in Amsterdam and Maj Vaseghi in Silicon Valley, with support from associates Babette Koning and Pam Hufman in Amsterdam. Partners Eelco Van Der Stok in Amsterdam and Claude Stansbury in Washington, DC are providing tax advice with support from senior associate David Mitchell in New York and associate Daan Van Schaik in Amsterdam. Counsel Richard Snyder is providing antitrust support from Washington, DC. Partner Michael Broeders and associates Hakan Gargili and Annemarie van der Does Vos in Amsterdam are providing financing support. Partner Menachem Kaplan in New York and counsel Brock Dahl in Washington, DC are providing IP support with senior associate Mark Egeler in Amsterdam.

The Loyens & Loeff team consisted of Michel van Agt, Wouter Kros, Bastiaan Cornelisse, Martijn Schoonewille, Rik Walschot, Dynah Dettingmeyer, Stijn Werdmölder, Jeannette van Rees (Corporate / Capital Markets), Maureen te Poel (Employment), Marcel Buur, Gerjan van Eijk and Sandrine Lekkerkerker (Tax).

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). 

Involved fees earner: Andrea Basham – Freshfields Bruckhaus Deringer LLP; Michael Broeders – Freshfields Bruckhaus Deringer LLP; Brock Dahl – Freshfields Bruckhaus Deringer LLP; Lasse de Vooght – Freshfields Bruckhaus Deringer LLP; Mark Egeler – Freshfields Bruckhaus Deringer LLP; Sebastian Fain – Freshfields Bruckhaus Deringer LLP; Hakan Gargili – Freshfields Bruckhaus Deringer LLP; Menachem Kaplan – Freshfields Bruckhaus Deringer LLP; Babette Koning – Freshfields Bruckhaus Deringer LLP; Maxine Lemstra – Freshfields Bruckhaus Deringer LLP; Mark Maarschalkerweerd – Freshfields Bruckhaus Deringer LLP; Pamela Marcogliese – Freshfields Bruckhaus Deringer LLP; David Mitchell – Freshfields Bruckhaus Deringer LLP; Brechje Nollen – Freshfields Bruckhaus Deringer LLP; Hanneke Rothbarth – Freshfields Bruckhaus Deringer LLP; Dirk-Jan Smit – Freshfields Bruckhaus Deringer LLP; Richard Snyder – Freshfields Bruckhaus Deringer LLP; Sarah Solum – Freshfields Bruckhaus Deringer LLP; Claude Stansbury – Freshfields Bruckhaus Deringer LLP; Zach Truscott – Freshfields Bruckhaus Deringer LLP; Annemarie Van der Does Vos – Freshfields Bruckhaus Deringer LLP; Eelco Van der Stok – Freshfields Bruckhaus Deringer LLP; Daan van Schaik – Freshfields Bruckhaus Deringer LLP; Maj Vaseghi – Freshfields Bruckhaus Deringer LLP; Marcel Buur – Loyens & Loeff; Bastiaan Cornelisse – Loyens & Loeff; Dynah Dettingmeyer – Loyens & Loeff; Wouter Kros – Loyens & Loeff; Sandrine Lekkerkerker – Loyens & Loeff; Martijn Schoonewille – Loyens & Loeff; Maureen te Poel – Loyens & Loeff; Michel van Agt – Loyens & Loeff; Gerjan van Eijk – Loyens & Loeff; Jeannette van Rees – Loyens & Loeff; Rik Walschot – Loyens & Loeff; Stijn Werdmölder – Loyens & Loeff; Sybren de Beurs – NautaDutilh; Tamara Gang – NautaDutilh; Sabrina Legerstee – NautaDutilh; Antonia Netiv – NautaDutilh; Dirk Panis – NautaDutilh; Esther Schreiber – NautaDutilh; Linda Tomassen – NautaDutilh; Paul van der Bijl – NautaDutilh; Marloes van der Laan – NautaDutilh; David Viëtor – NautaDutilh; Stefan Wissing – NautaDutilh;

Law Firms: Freshfields Bruckhaus Deringer LLP; Loyens & Loeff; NautaDutilh;

Clients: Tencent Music Entertainment; Universal Music; Vivendi SA;

Author: Giulia Di Palma