Market Pulse Archives

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

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Pershing Square Tontine Holdings Ltd. Cl A (PSTH)
  • X
    Vivendi SE (VIV)

or Cancel Already have a watchlist? Log In

By Ciara Linnane

Shares of Pershing Square Tontine Holdings Ltd. /zigman2/quotes/219769662/composite PSTH +0.15% , 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 +1.47% 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.

/zigman2/quotes/219769662/composite
US : U.S.: NYSE
$ 19.88
+0.03 +0.15%
Volume: 822,826
Jan. 20, 2022 4:00p
P/E Ratio
20.52
Dividend Yield
N/A
Market Cap
$3.97 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202179234/delayed
FR : France: Euronext Paris
11.75
+0.17 +1.47%
Volume: 2.60M
Jan. 20, 2022 5:35p
P/E Ratio
11.17
Dividend Yield
5.11%
Market Cap
€12.12 billion
Rev. per Employee
N/A
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.