# France’s Vivendi sells 2.9% of Universal to Pershing Square for $1.15 billion
Published: 2021-08-31
Category: Business
Category URL: https://internationalreleases.com/category/business/
Meta Title: Billionaire Ackman's Fund to Acquire 2.9% of Universal Music for $1.149 Billion
Meta Description: Pershing Square fund, managed by billionaire William Ackman, is set to acquire an additional 2.9% stake in Universal Music Group for $1.14 billion.
URL: https://internationalreleases.com/2884-2/

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qsjkhn001iwirgrmrp8k0j/images/2021-08-31t065257z3lynxmpeh7u07yrtroptp4mediaset-cfo-1737013605143-compressed.jpg)

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)


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---