VIVHY - Ackman sheds more details on Pershing Square Tontine's deal for Universal Music

Bryan Bedder/Getty Images Entertainment Many had eyed hedge fund billionaire Bill Ackman's special-purpose acquisition company since its launch last year as the SPAC rage reached record heights. Word of a deal finally came several weeks ago as Pershing Square Tontine Holdings (PSTH) announced an approach for Universal Music Group ((UMG)), the world's largest music company. The tie-up would see it take a 10% stake in the company from owner Vivendi (VIVHY) for $4.1B, though Ackman had more details to share about its complicated structure over the weekend. After all is said and done, PSTH shareholders will receive publicly traded securities in three separate companies: UMG, PSTH, and SPARC. UMG will be publicly listed on Euronext Amsterdam in September 2021, with shares expected to be distributed to PSTH shareholders before year-end 2021. PSTH will meanwhile continue seek another business combination under a unit called RemainCo, which will have $1.5B in cash

For further details see:

Ackman sheds more details on Pershing Square Tontine's deal for Universal Music