Hedge-Fund’s Ackman Nears Largest SPAC Deal with Universal Music

Hedge-Fund’s Ackman Nears Largest SPAC Deal with Universal Music

William Ackman’s Pershing Square is closing a deal with Universal Music Group, according to the Wall Street Journal. The deal values Universal Music as much as $40 billion.

The deal between blank-cheque Pershing Square and Universal Music is set to be concluded in a few weeks although talks may collapse.

Ackman’s entities will have a 10% stake in Universal Music with about 33 billion euros or $40 billion equity and 35 billion euros enterprise value.

Pershing Square will pay approximately $4 billion under the deal.

Universal, which had revenues of about 7.4 billion euros last year, has benefited from the demand for music streaming. 

Ackman has been targeting a company to get public through a SPAC deal that kept analysts guessing his targets. 

When completed, the deal would be a record SPAC transaction and is above $35 billion entered by ride-hailing Grab Holdings Inc.

Pershing Square stock is currently declining.  PSTH: NYSE is down 6.59% on premarket.

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