The majority owner of Universal Music Group, Vivendi, has today (August 31) confirmed that Pershing Square has committed to acquire an additional 2.9% of the UMG capital for a price of $1.149 billion, based on an enterprise value of €35 billion for 100% of UMG’s share capital.
As previously reported in August, Vivendi confirmed the sale of 7.1% of UMG to Pershing Square Holdings and its affiliates. Pershing Square – led by William Ackman – will now own 10% of the UMG share capital.
An official Vivendi press release stated that “the closing related to the 2.9% additional will take place by September 9, 2021.”
Vivendi entered into discussions with Pershing Square Holdings and affiliates in June ahead of the distribution of 60% of UMG’s share capital to Vivendi’s shareholders.
The major is set to be publicly listed in Amsterdam on September 21.