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Pershing Square Holdings in talks to axquire 10% of Universal Music Group
StockMarketWire.com
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Pershing Square Tontine Holdings, a special purpose acquisition company, is in discussions with Vivendi to acquire 10% of the outstanding ordinary shares of Universal Music Group (UMG) for approximately $4 billion, representing an enterprise value of €35 billion for UMG.
Later this year, after Vivendi completes its previously announced listing of UMG on Euronext Amsterdam, PSTH plans to distribute the acquired UMG shares to its shareholders.
The proposed transaction is subject to the completion of mutually satisfactory transaction documentation but is not subject to additional due diligence.
Bill Ackman, CEO of PSTH, said: UMG meets all of our acquisition criteria and investment principles as it is the worlds leading music company, with a royalty on the growing global demand for music. We are delighted to work with Vivendi on this iconic transaction and look forward to its consummation.
Story provided by StockMarketWire.com
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