Vivendi announced on Tuesday that it has closed a €3B ($3.3B) deal to sell a 10% stake in Universal Music Group to a consortium led by Chinese technology giant Tencent.

The deal, which was first announced in December, values Universal Music at €30B ($33B). Universal operates labels responsible for artists including The Beatles, Taylor Swift, Billie Eilish and Nirvana.

The agreement also gives Tencent and its partners the right to increase their stake to as much as 20% at the same valuation until January 15, 2021. The two companies also intend to enter into a second agreement that gives Tencent an option to acquire a minority equity stake in UMG’s Greater China business.

French media conglomerate Vivendi said: “Vivendi is very happy with the arrival of the Tencent-led consortium. It will enable UMG to further develop in the Asian market. Now that this very significant strategic operation has been completed, Vivendi will pursue the possible sale of additional minority interests in UMG, assisted by several banks which it has mandated.”

It added that Universal Music is set for an IPO by early 2023 at the latest.