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William Ackman Nears $40 Bln Universal Music Deal : Report

Hedge-fund billionaire William Ackman's special-purpose acquisition company is nearing a deal with Vivendi-owned Universal Music Group that would value the music business at about $40 billion, the Wall Street Journal reported citing people familiar with the matter. The Prospective deal puts a valuation on the music business at $42 billion with debt.

Last month, Vivendi said it would propose the setting up of a governance structure for Universal Music Group NV, which is expected to list its shares on the Euronext Amsterdam stock exchange on September 27, 2021.

Prior to the distribution of 60% of the Universal Music Group shares to Vivendi shareholders, the group was analyzing the opportunity of selling 10% of UMG shares to an American investor or initiating a public offering of at least 5% and up to 10% of UMG shares.

Furthermore, Vivendi would retain 10% of the UMG share capital for a minimum period of two years in order to remain associated with the development of its subsidiary.

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