Bill Ackman's Pershing Square Acquires Another 2.9% of Universal Music Group for $1.5 Billion - NewsBreak

As next month's Universal Music Group public listing moves closer, parent company Vivendi announced early Tuesday that billionaire Bill Ackman's Pershing Square Holdings is acquiring another 2.9% of the company for just under $1.5 billion, based on a valuation of €35 billion, or around $41.3 billion. This follows Pershing Square's acquisition of 7.1% of UMG for $2.8 billion, fulfilling Ackman's stated goal of racking up 10% of UMG's share capital. Earlier this year, Ackman attempted to make the deal via a complicated $4 billion SPAC transaction, but retreated after the Securities and Exchange Commission voiced concerns about the the complicated agreement, which would...