Pershing Square affiliate to pick up 2.9% stake in Universal Music Group
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Pershing Square revealed on Tuesday that PSVII Master, an affiliated co-investment vehicle, will take up an additional stake in Universal Music Group.
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Pershing Square stated PSVII had notified Vivendi SE that it intends to exercise its option to acquire 52.76m ordinary shares in Universal, representing 2.9% of the company, for approximately $21.78 per share.
Pershing said the total cash consideration of $1.1bn represented an equity value for UMG of €33.0bn.
Following PSVII's purchase, PSH and its affiliates will own 10% of the UMG's ordinary shares. However, PSVII's purchase will not directly increase Pershing's ownership of Universal.
As of 1550 BST, Pershing Square shares were up 0.39% at 2,600.0p.