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William Ackman's SPAC Confirms Talks To Buy 10% Of Vivendi-owned UMG For About $4 Bln - Quick Facts

Hedge-fund billionaire William Ackman's special-purpose acquisition company, Pershing Square Tontine Holdings Ltd. (PSTH), confirmed Friday that it is in discussions with Vivendi S.E. (VIV.L,VIVEF.PK) to acquire 10% of the outstanding ordinary shares of Universal Music Group B.V. or "UMG" for about $4 billion, representing an enterprise value of 35 billion euros for UMG.

Unlike most SPAC business combinations, PSTH and UMG will not combine into one company following the transaction, Pershing Square said in a statement.

Following PSTH's acquisition of the UMG Shares, UMG will complete its previously announced listing on Euronext Amsterdam in the third quarter of 2021.

Once the Listing is complete, PSTH will distribute the UMG Shares directly to PSTH's shareholders in a transaction registered with the Securities and Exchange Commission.

PSTH intends to remain listed on the NYSE, with $1.5 billion of cash after the distribution of UMG shares, and to seek new business combination partner.

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