The Board of Vivendi SA (ENXTPA:VIV) announced the spin-off of 60% stake in Universal Music Group N.V. on February 13, 2021. Pursuant to the terms of the transaction, the distribution, exclusively in kind, would take the form of an exceptional distribution (“special dividend”). Vivendi is spinning off Universal and set a reference price for the listing at €18.5 per share. The listing of the shares of UMG, a holding company currently being incorporated in the Netherlands, would be applied for on the regulated market of Euronext NV in Amsterdam. In addition, the Management Board will also propose an ordinary dividend of €0.60 per share for the 2020 fiscal year. The transaction has received an initial favorable response from the Tencent-led consortium with whom the planned listing will be examined. As per disclosure of May 25, 2021, an activist investment fund wants Vivendi to sweeten the planned spinoff of Universal Music Group with an extra cash dividend that would be more advantageous to minority shareholders. They also called for Universal's listing to be shifted to the New York Stock Exchange. Vivendi confirmed it received the letter, and a spokesman said the group would have dialogue with shareholders on June 22, 2021 at its annual meeting.

Subject to a positive shareholder vote, Vivendi SA will continue to work on this project, including a Shareholders' Meeting to approve the distribution and subsequent completion of the transaction before end 2021. An Extraordinary Shareholders' Meeting of Vivendi SA will be called for March 29, 2021 to modify the company's by-laws and make this distribution possible. As of March 30, 2021, shareholders of Vivendi approved the transaction. As of June 21, 2021, Vivendi will seek investor support on June 22, 2021, to spin-off Universal Music Group, Inc. Spin-off plan is criticized by some shareholders of Vivendi while it has also received an support from some shareholders and approved by them. As on September 14, 2021, Dutch Authority for the Financial Markets approved and the distribution will be done on September 21, 2021. In connection with the announced intended distribution by Vivendi of up to 60% of the outstanding share capital of the Company to Vivendi's shareholders by way of a distribution in kind (the "Distribution"), Vivendi has announced on September 21, 2021 that the Distribution will be paid as planned on the basis of one Company share for every one eligible Vivendi share. Record date is set to September 22, 2021. Société Générale Société anonyme (ENXTPA:GLE), Banco Santander, S.A. (BME:SAN), ING Groep N.V. (ENXTAM:INGA), Natixis S.A., Intesa Sanpaolo S.p.A. (BIT:ISP), BNP Paribas SA (ENXTPA:BNP), Crédit Agricole Corporate and Investment Bank S.A., Bank of China Limited (SEHK:3988), Mizuho Securities Co., Ltd., Rothschild & Co SCA (ENXTPA:ROTH), CIC Finance Gestion S.A., Goldman Sachs Bank Europe SE, Morgan Stanley France Société anonyme, Lazard Frères Banque SA, Banque Hottinguer, Messier Maris & Associés S.C.A., Bank Of America Merrill Lynch International DAC, France Branch acted as financial advisors for Universal Music Group N.V.

Vivendi SE completed the Spin-Off of 60% stake of Universal Music Group N.V. (ENXTAM:UMG) on for approximately €690 million September 22, 2021.