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June 4, 2021, 6:47 a.m. EDT

Bill Ackman's SPAC Pershing Square falls 7% premarket after Vivendi confirms talks to buy Universal Music stake

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By Ciara Linnane


Shares of Pershing Square Tontine Holdings Ltd. , the special purpose acquisition corporation, or SPAC, created by billionaire investor Bill Ackman, fell 7.4% in premarket trade Friday, after Vivendi SE /zigman2/quotes/202179234/delayed FR:VIV -0.70% confirmed it is in talks to sell Pershing a 10% stake in Universal Music Group. Vivendi said talks have given Universal Music an enterprise value of €35 billion ($42.4 billion). If the deal is approved, it would be the biggest SPAC deal on record, exceeding the $35 billion that Singaporean ride-hailing company Grab Holdings Inc. was valued at in a similar deal recently, according to Dealogic, the Wall Street Journal reported. Ackman created the SPAC last year in the midst of a craze for the vehicle, in which a company raises capital in an initial public offering and then has about two years to find a business or businesses to acquire. Ackman's SPAC raised more than $4 billion, making it the biggest ever when it went public last July.

FR : France: Euronext Paris
-0.07 -0.70%
Volume: 2.86M
Feb. 3, 2023 5:37p
P/E Ratio
Dividend Yield
Market Cap
€10.12 billion
Rev. per Employee

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