Vivendi, the parent company of Universal Music, reaped a $404m return from its 13% stake as Apple confirmed the acquisition has closed.
Computing technology company Apple confirmed on Friday that it has closed the acquisition of US-based headphones production and music streaming company Beats in a deal said to be worth $3bn.
News of the Apple acquisition initially broke in May this year. As part of the takeover, media and telecommunications company Vivendi sold the 13% stake it held in Beats through its Universal Music subsidiary to Apple for $404m.
An analyst told Bloomberg the value of the stake almost doubled from…
