Bill Ackman is eyeing a 10% stake in Universal Music Group, to be purchased by his special-purpose acquisition company. Vivendi-owned UMG, the world’s biggest music company, is headed for an IPO later this year.The hedge fund billionaire announced nearly a year ago his interest in aligning with a corporation of such size for his SPAC known as Pershing Square Tontine Holdings.
The discussions place the valuation of UMG — home to Lady Gaga, Taylor Swift and Drake, among many others — at $40 billion. Should the deal close, which would take a few weeks, according to an insider who confirmed the talks were ongoing, the complicated agreement would mark the biggest SPAC transaction to date, per the Wall Street Journal, which first reported the.
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