Elsa Keslassy International CorrespondentVivendi has entered into discussions with Pershing Square Tontine Holdings, Ltd. (PSTH), to sell 10% of Universal Music Group’s (UMG BV) share capital ahead of its planned IPO.
The sale of 10% would be based on an enterprise value of €35 billion for 100% of the UMG BV share capital. The deal would have to be approved by Vivendi shareholders at Vivendi’s shareholders meeting on June 22 to distribute 60% of the UMG share capital and list the company.The Pershing Square funds and their affiliates, which are represented by CEO Bill Ackman, “have indicated that they may acquire additional economic exposure to UMG by acquiring Vivendi securities and/or UMG securities following the distribution of UMG.
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