French media giant Vivendi’s Unversal Music Group subsidiary has completed the sale of its stake in headphones and streaming audio provider Beats to Apple.
The sale of the 13% stake netted US$404 million (€300 million) for Vivendi.
Vivendi’s announcement marks the completion of Apple’s US$3 billion acquisition of Beats, following last’s week’s approval of the deal by EC and US competition regulators.
Vivendi is currently in the process of selling US$30 billion of assets, including its proposed US$23 billion sale of French telco SFR to cable operator Numericable, as it refocuses its activities on media.
