Pershing Square Locks Down 10% Of UMG

• Pershing Square Holdings, which runs the public and private hedges funds managed by billionaire Bill Ackman is now in the process of acquiring that additional 2.9 percent of Universal Music Group (UMG) from Vivendi for $1.149 billion, the French conglomerate said on Tuesday, and as reported by Reuters. Vivendi says the transaction was based on an enterprise value of 35 billion euros ($41.40 billion) for 100% of UMG’s share capital.

Earlier this month Pershing Square closed on a deal for a 7.1 percent stake of UMG’s share capital and had reserved the right to acquire that other 2.9 percent left on the table, for a total of 10 percent. The closing related to this final 2.9 percent share will take place by September 9, 2021.

The transaction comes ahead of the distribution of 60% of UMG’s share capital to Vivendi’s shareholders and the listing of the company scheduled for September 21.