A blank-check firm backed by billionaire Bill Ackman agreed to acquire 10% of Universal Music Group for about $4 billion.
Pershing Square Tontine Holdings Ltd. said the acquired Universal Music Group shares will be distributed to PSTH shareholders after Vivendi completes the separation from and listing of Universal Music on Euronext Amsterdam later this year, according to a statement on Sunday.
“After the 20% equity stake acquired by the Consortium led by the Tencent group, the arrival of major American investors provides further evidence of UMG’s global success and attractiveness,” Vivendi said in a separate statement.
The transaction is set to close in the coming weeks, and at the latest by Sept. 15.
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