UMG IPO OK'D

Universal Music Group will go public on 9/21 on the Euronext Amsterdam stock exchange after Vivendi shareholders nearly unanimously approved the spin-off Tuesday.

Vivendi will distribute 60% of Universal’s shares to existing Vivendi shareholders and list the music company, which now is valued at about $40b based on the weekend’s 10% investment from Bill Ackman’s Pershing Square Tontine Holdings.