AP21137707462442-e1622797510183.jpg

Vivendi in talks to sell Universal Music Stake to Pershing – Deadline

French media giant Vivendi has confirmed that it is in talks to sell a 10% stake in Universal Music Group to hedge fund billionaire Bill Ackman, Pershing Square Tontine Holdings, in a deal that values ​​the company for music at 35 billion euros ($ 42 billion).

The transaction is subject to the approval of Vivendi shareholders. It precedes Vivendi’s plan to list Universal Music Group in Amsterdam, the Netherlands, at the end of September, when 60% of Universal’s shares will be distributed to Vivendi investors.

If Pershing Square Tontine Holdings is finalized, Special Purpose Acquisition Company (SPAC) will own 10% of Universal Music Group, while Vivendi will also own 10%. The remaining 20% ​​of Universal Music Group is owned by Chinese tech giant Tencent.

Vivendi said in a statement, “Vivendi and Pershing Square Tontine Holdings, Ltd. (PSTH), represented by Chief Executive Officer Bill Ackman, have started discussions for Vivendi to sell 10% of the capital of Universal Music Group (UMG BV) to PSTH, prior to the distribution of 60% of UMG shares and its listing .

“This transaction would relate to an enterprise value of 35 billion euros for 100% of the capital of UMG BV, subject to the authorization given by Vivendi shareholders at the General Meeting of June 22, 2021, distribute 60% of the UMG share. capital and list the company.

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

ALSO READ   Writer-producer Laura Jacqmin signs with CAA - Deadline
Previous Post
WhatsApp-Image-2021-06-04-at-3.59.45-PM-1.jpeg
Bollywood

Kirti star Kulhari Shaadisthan to explore a life-changing road trip with two different generations; out of Disney + Hotstar: Bollywood News

Next Post
WhatsApp-Image-2021-06-04-at-3.07.51-PM.jpeg
Bollywood

Alia Bhatt shares a pic every now and then of herself posing at the beach with the same expression: Bollywood News

Leave a Reply

Your email address will not be published. Required fields are marked *