LONDON--(BUSINESS WIRE)--Regulatory News:
This replaces the announcement made at 3:44 pm CET on Aug. 31, 2021 due to the following corrections:
Update the final sentence of this press release to read “Citigroup Global Markets Inc. served as placement agent for PSVII.”
Affiliate of Pershing Square Holdings, Ltd. to Acquire Additional Stake in Universal Music Group
Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) today announced that PS VII Master, L.P. (“PSVII”), an affiliated co-investment vehicle, has notified Vivendi S.E. that it intends to exercise its option to acquire 52,769,098 Ordinary Shares of Universal Music Group (“UMG”), representing 2.9% of the company, for approximately $21.78 per share (or €18.40 per share at today’s exchange rate). The total cash consideration of $1.1 billion represents an equity value for UMG of €33 billion. PSVII’s purchase will not increase PSH’s ownership of UMG.
Following PSVII’s purchase, PSH and its affiliates will own 10% of the Ordinary Shares of UMG. Citigroup Global Markets Inc. served as placement agent for PSVII.
About Pershing Square Holdings, Ltd.
Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) is an investment holding company structured as a closed-ended fund.