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Listed investment

Vivendi / Third Point – Structuring of the UMG Spin-Off (2021)

Advice to Third Point (2021) on its engagement strategy towards Vivendi and the structuring of the spin-off of Universal Music Group (UMG), listed on Euronext Amsterdam.

Background

In 2021, our firm acted for Third Point, a prominent U.S. activist hedge fund, in connection with its engagement strategy towards Vivendi, focusing in particular on the structuring of the spin-off of Universal Music Group (UMG).

This complex transaction formed part of a significant strategic reorganization by Vivendi, aimed at unlocking value in its principal asset, UMG, through a separate listing on Euronext Amsterdam. The transaction involved numerous legal and financial complexities, notably regarding corporate governance, minority shareholder rights, securities regulation, as well as the corporate and tax structuring of the spin-off.

Experience

Our assistance included:

  • advising on the legal framework and mechanics for distributing UMG shares to Vivendi’s shareholders;
  • reviewing regulatory considerations applicable to the transaction in both France and the Netherlands;
  • analyzing the implications of the spin-off for UMG’s future corporate governance;
  • advising on the development of a strategic approach aimed at maximizing shareholder value.

This matter underscores our ability to advise activist investors and investment funds on sophisticated spin-off transactions, combining technical legal expertise, a deep understanding of market dynamics, and strategic insight.