(Nov 18): Tencent Holdings is in talks with potential co-investors for its proposed bid for a minority stake in Universal Music Group from Vivendi SA, according to people with knowledge of the matter.

Hillhouse Capital and Singapore’s sovereign wealth fund GIC are among potential investors that the Chinese tech giant has approached, the people said, asking not to be identified because the matter is private. Tencent plans to lead the consortium for the 10% stake in UMG with a goal to carry out the purchase within the next few months, the people said.

The Chinese tech giant is weighing to raise about 1 billion euros ($1.5 billion) in debt to help fund the deal, while the rest will likely be funded in equity, the people said.

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