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FILE PHOTO: French media giant Vivendi's logo is pictured in Paris, France, August 12, 2020. REUTERS/Charles Platiau/File Photo
Business

France’s Vivendi sells 2.9% of Universal to Pershing Square for $1.15 billion

PARIS (Reuters) – Billionaire hedge fund manager William Ackman’s Pershing Square fund has committed to acquire an additional 2.9% of Universal Music Group (UMG) for $1.149 billion, French conglomerate Vivendi said on Tuesday.

Vivendi said the transaction is based on an enterprise value of 35 billion euros ($41.40 billion) for 100% of UMG’s share capital.

Vivendi said that following its sale of a 7.1% UMG stake to Pershing Square in August, the fund will now own 10% of UMG’s share capital. The closing related to the additional 2.9% stake will take place by Sept. 9.

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($1 = 0.8455 euros)

(Reporting by GV De Clercq, Editing by Louise Heavens)

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