Pershing Square Takes 7.1% Stake in Universal Music Group
August 10 2021 - 3:16PM
Dow Jones News
By Kimberly Chin
Pershing Square Holdings Ltd. and its affiliates acquired a 7.1%
stake in Universal Music Group from Vivendi SE for about $2.8
billion in cash, the company said Tuesday.
Pershing and its affiliates acquired about 128.6 million shares
at $21.78 apiece. This would give UMG an equity value of about 33
billion euros ($38.7 billion), the company said.
The hedge fund and its affiliates will be able to buy up to an
additional 2.9% in UMG's shares at the same share price by Sept. 9,
Pershing said.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
August 10, 2021 15:10 ET (19:10 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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