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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.
