The deal gives UMG (Universal Music Group) control of 25 Prince albums released on his NPG Records label.
It also gains control of his publishing and merchandising rights after signing the agreement with the singer’s estate.
Universal said the deal would give the chance to create “innovative new products” based around his back catalogue.
But it is the star’s unreleased work that is most likely to excite fans.
The exact number of tracks is unknown, but Prince was known to be a prolific songwriter with a large stash of unreleased works under tight security at his home Paisley Park studio.
Rolling Stone reported that the recordings are in a “climate-controlled room behind a steel door straight out a bank, complete with a time lock and large spinning handle”.
People who worked at the studio have said the vault includes entire albums that never saw the light of day.
Prince died in April after an accidental overdose of powerful painkiller. The enigmatic musician sold more than 100 million albums during his career and famously played 21 nights at London’s 02 arena in 2007.