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Bill Ackman’s Pershing Square Acquires Another 2.9% of Universal Music Group for $1.5 Billion
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variety.com
variety.comJem Aswad Senior Music EditorAs next month’s Universal Music Group public listing moves closer, parent company Vivendi announced early Tuesday that billionaire Bill Ackman’s Pershing Square Holdings is acquiring another 2.9% of the company for just under $1.5 billion, based on a valuation of €35 billion, or around $41.3 billion.This follows Pershing Square’s acquisition of 7.1% of UMG for $2.8 billion, fulfilling Ackman’s stated goal of racking up 10% of UMG’s share capital.Earlier this year, Ackman attempted to make the deal via a complicated $4 billion SPAC transaction, but retreated after the Securities and Exchange Commission voiced concerns about the the complicated agreement, which would have been the biggest SPAC transaction to.
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