# France’s Vivendi sells 2.9% of Universal to Pershing Square for $1.15 billion
Author: Pal sinha, Barnali
Author URL: https://startupobserver.com/author/pal-sinha-barnali/
Published: 2021-08-31
Category: Business
Category URL: https://startupobserver.com/category/business/
Meta Title: Billionaire Ackman's Pershing Square to Acquire More of Universal Music Group
Meta Description: Learn about William Ackman's Pershing Square fund acquiring 2.9% of Universal Music Group for $1.149 billion, boosting its stake in UMG to 10%.
URL: https://startupobserver.com/2274-2/

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PARIS (Reuters) – Billionaire hedge fund manager William Ackman’s Pershing Square fund has committed to acquire an additional 2.9% of Universal Music Group (UMG) for $1.149 billion, French conglomerate Vivendi said on Tuesday.

Vivendi said the transaction is based on an enterprise value of 35 billion euros ($41.40 billion) for 100% of UMG’s share capital.

Vivendi said that following its sale of a 7.1% UMG stake to Pershing Square in August, the fund will now own 10% of UMG’s share capital. The closing related to the additional 2.9% stake will take place by Sept. 9.

($1 = 0.8455 euros)

(Reporting by GV De Clercq, Editing by Louise Heavens)


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