NEW YORK (Dow Jones)--Vivendi Universal (V) agreed to pay $1.15 billion for Matsushita Electric Industrial Co.'s (6752.TO) 7.66% stake in Universal Studios Holding I Corp.
Universal Studios Holding owns Universal Music Group, Universal Interactive and 20% of NBC Universal, a broadcasting and entertainment company owned by General Electric Co. (GE).
Matsushita, an Osaka-based maker of Panasonic-brand consumer electronics, said earlier Thursday it was selling its entire Universal Studios Holdings stake to Vivendi, but didn't disclose the price.
In a press release Thursday, Vivendi said it expects to complete the purchase on Feb. 7.
The Paris-based media company also expects the acquisition to improve its 2006 net income by at least $30 million, after transaction financing costs.