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    Home»Acquisitions»Ackman’s Spac buys 10% of Universal Music for $4bn
    Acquisitions

    Ackman’s Spac buys 10% of Universal Music for $4bn

    June 20, 20211 Min Read
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    A blank-cheque company backed by hedge fund billionaire Bill Ackman is to buy a 10 per cent stake in Universal Music Group, Taylor Swift’s label, for $4bn, it confirmed on Sunday.

    As part of the transaction, a first of its kind for a special acquisition company, Pershing Square Tontine Holdings, Ackman’s investment vehicle, will distribute the shares to its shareholders only after Vivendi, UMG’s French owner, completes its planned listing of the stock on Euronext Amsterdam.

    PSTH will continue to exist after the transaction with access to up to $2.9bn in cash, and “intends to pursue a business combination with an operating business promptly”. PSTH said the enterprise value of the new deal was €35bn.

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    Source: Financial Times

    By Derek Brower

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