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Vivendi Sells 10% Stake in Universal Music Group to Bill Ackman’s Pershing Square

·1-min read

French media giant Vivendi has reached a deal to sell a 10% stake in Universal Music Group to hedge fund billionaire Bill Ackman’s Pershing Square in a deal that values the music company at more than $42 billion.

According to Vivendi, the agreement will be finalized by Sept. 15.

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Universal operates labels responsible for artists including Ariana Grande, The Beatles, Taylor Swift, Billie Eilish, and Nirvana.

Earlier this month, Vivendi confirmed talks to sell the 10% stake in Universal Music Group to Pershing Square Tontine Holdings in a deal that values the music company at €35 billion ($42B).

The transaction comes ahead of Vivendi’s plans to list Universal Music Group in Amsterdam, the Netherlands, in late September, when 60% of Universal’s shares will be distributed to Vivendi investors.

In a statement Sunday, Vivendi said, “After the 20% equity stake acquired by the Consortium led by the Tencent group, the arrival of major American investors provides further evidence of UMG’s global success and attractiveness,” Vivendi said in a statement. “As announced, the transaction is based on an enterprise value of 35 billion euros for 100% of UMG’s share capital.”

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