France-based Vivendi, parent of Universal Music Group, has sold 7.1% of that company’s share capital to Pershing Square Holdings, the investment firm managed by billionaire Bill Ackman, for $2.8 billion, with the possibility to sell him a further 2.9% by September 9, 2021. The deal values UMG — the world’s largest music company — at 35 billion Euros, or around $41 billion.
Source: Vivendi Sells 7.1% of Universal Music Group to Bill Ackman’s Pershing Square for $2.8 Billion