Vivendi sells a 7.1% stake of UMG to Pershing Square for $2.8 billion

This post was originally published on this site

PARIS (Reuters) – Vivendi (OTC:VIVHY) said on Tuesday it had sold a 7.1% stake of Universal Music Group (UMG) to Pershing Square Holdings, managed by William Ackman, adding it could sell it a further 2.9% by Sept. 9, 2021.

The price of the transaction was $2.8 billion, based on an enterprise value of 35 billion euros ($41.01 billion) for 100% of UMG’s share capital, the company said in a statement.