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

PARIS, Aug.31 (Reuters) – Hedge fund manager William Ackman’s Pershing Square fund has pledged to acquire an additional 2.9% of Universal Music Group (UMG) for $ 1.149 billion, the French conglomerate announced on Tuesday. Vivendi (VIV.PA).

Vivendi said the transaction is based on an enterprise value of 35 billion euros ($ 41.40 billion) for 100% stake in UMG.

Vivendi said that following the sale of 7.1% stake in UMG to Pershing Square in August, the fund will now hold 10% stake in UMG. The closing related to the additional 2.9% stake will take place by September 9. read more

($ 1 = € 0.8455)

Report by GV De Clercq, edited by Louise Heavens

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