Universal Music India buys 30% stake in Excel Entertainment, values firm at Rs 2,400 crore
Universal Music India (UMI) on Monday announced that it will acquire a 30 per cent equity stake in film and digital content studio Excel Entertainment, valuing the Ritesh Sidhwani and Farhan Akhtar-founded company at Rs 2,400 crore.
UMI, a division of Universal Music Group (UMG), said it has entered into a definitive agreement with Excel Entertainment for the transaction. “Under the agreement, which values Excel at Rs 2,400 crore (euro 257 million), UMI will become a significant minority shareholder in Excel with a 30 per cent equity stake,” the company said in a statement.
