Vivendi Sells 7.1% of Universal Music Group to Bill Ackman’s Pershing Square for $2.8 Billion
Jem Aswad Senior Music EditorFrance-based Vivendi, parent of Universal Music Group, has sold 7.1% of that company’s share capital to Pershing Square Holdings, the investment firm managed by billionaire Bill Ackman, for $2.8 billion, with the possibility to sell him a further 2.9% by September 9, 2021. The deal values UMG — the world’s largest music company — at 35 billion Euros, or around $41 billion.The announcement follows news last month that Ackman decided not to use his SPAC to acquire the 10% stake in UMG after the Securities and Exchange Commission voiced concerns about the complicated agreement, which would have been the biggest SPAC transaction to date.As promised, Ackman used his hedge fund to buy the stake directly instead.