Home Business France’s Vivendi sells 2.9% of Universal to Pershing Square for $1.15 billion

France’s Vivendi sells 2.9% of Universal to Pershing Square for $1.15 billion

by maria
3 views

PARIS (Reuters) – Billionaire hedge fund manager William Ackman’s Pershing Square fund has committed to acquire an additional 2.9% of Universal Music Group (UMG) for $1.149 billion, French conglomerate Vivendi said on Tuesday.

Vivendi said the transaction is based on an enterprise value of 35 billion euros ($41.40 billion) for 100% of UMG’s share capital.

Vivendi said that following its sale of a 7.1% UMG stake to Pershing Square in August, the fund will now own 10% of UMG’s share capital. The closing related to the additional 2.9% stake will take place by Sept. 9.

($1 = 0.8455 euros)

(Reporting by GV De Clercq, Editing by Louise Heavens)

You may also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More