© Reuters. FILE PHOTO: French media giant Vivendi’s logo is pictured in Paris, France, August 12, 2020. REUTERS/Charles Platiau/File Photo
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 (OTC:) 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)
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Be the first to comment