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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
This Black Friday and the following holiday season, retailers across the United States are urged to keep up their inventory amid expected surge in shopping as majority of Americans wait till last minute to fill their baskets, according to certain studies. A new Oracle Retail survey, which was conducted last week and presented earlier this week, showed that 66 percent of consumers were less than Eagle, Idaho -based Flagship Food Group is recalling certain TJ Farms Select brand frozen cauliflower, citing the potential to be contaminated with Listeria monocytogenes, the U.S. Food and Drug Administration said. The recall involves a limited number of cases of TJ Farms Select cauliflower that comes in 16 oz. packages with lot code 2077890089 and UPC code 75544000604-3. The U.S. Food and Drug Administration has approved Takeda Pharmaceuticals Co. Ltd.'s Livtencity (maribavir) as the first drug to treat post-transplant cytomegalovirus or CMV in adults and pediatric patients. The approval is to treat patients 12 years of age and older and weighing at least 35 kilograms with post-transplant CMV infection/disease that does not respond...
Follow RTT