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Pershing Square Buys Initial 7.1% Stake In Vivendi's Universal Music Group For $2.8 Bln

Hedge-fund billionaire William Ackman's Pershing Square Holdings Ltd. announced Wednesday that it acquired 128.56 million shares of Universal Music Group or UMG, representing 7.1 percent of the company from French media conglomerate Vivendi (VIV.L,VIVEF.PK).

The stake was bought for around $21.78 per share or 18.58 euros per share. The total cash consideration of $2.8 billion represents an equity value for UMG of 33 billion euros.

The shares were purchased by Pershing Square Holdings Ltd., Pershing Square L.P., and Pershing Square International Ltd., through an affiliated entity.

Pershing Square's share of the cash consideration is approximately $2.5 billion.

Pershing Square said the company and its affiliates have the right to acquire up to an additional 2.9 percent of UMG's Ordinary Shares at the same price per share by September 9, which right Pershing Square intends to exercise.

Pershing Square in June agreed to acquire 10 percent of UMG from Vivendi for about $4 billion.

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