VIVENDI SELLS 7.1% OF UMG TO ACKMAN'S PERSHING SQUARE

Bill Ackman's Pershing Square Holdings has acquired 7.1% of UMG's share capital for $2.8b, based on UMG's valuation of €35b (roughly $41b), Vivendi announced. Ackman has until 9/9 to purchase an additional 2.9% of UMG, which, according to our abacus, would give Pershing Square an even stake of 10% of UMG.

The transfer—and potential 2.9% acquisition—arrives before the distribution of 60% of UMG’s share capital to Vivendi’s shareholders and the listing of the company scheduled for 9/21.

Ackman's Pershing Square deal has been finalized following a failed SPARC bid to acquire a chunk of UMG via his SPAC, Pershing Square Tontine Holdings.

UMG's parent stated on Tuesday, “Vivendi is very satisfied with the arrival at UMG of Mr. Ackman, a major American investor, providing once again evidence of the music company’s global success and attractiveness.”