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Vivendi sells its 13% Beats stake to Apple for $404 million

Vivendi SA sold its stake in Beats Electronics LLC to Apple Inc. for $404 million as part of the iPhone maker’s takeover of the headphone company.

The stake was about 13 percent, Paris-based Vivendi said today, and was held by the company’s Universal Music Group, the world’s largest record label. The investment almost doubled in value from an estimate of $214 million in September, said Conor O’Shea, an analyst at Kepler Cheuvreux in Paris.

Vivendi has announced more than $30 billion of asset sales since it began a strategy review about two years ago, including the pending disposal of mobile-phone unit SFR in a $23 billion deal. The company is seeking to focus on its media assets.