Vivendi has long been planning an initial public offering of the music firm in Amsterdam by late September, and that plan is still on, with the SPAC Pershing Square Tontine Holdings telling shareholders Sunday that they will receive the shares in UMG later this year after the IPO. UMG will release a 22-minute video about the company to Pershing Square Tontine shareholders on Wednesday .
Vivendi previously sold a 20 percent stake in UMG to a consortium led by Chinese online giant Tencent. It has said it plans to distribute 60 percent of UMG, while retaining the remaining 10 percent for a minimum period of two years. Blank check companies, or Special Purpose Acquisition Companies , take over privately held firms and usually take them public in an alternative to a traditional IPO. Over the past year-plus, Wall Street has seen a big number of SPAC IPOs.This deal would be different, however, with UMG still set to go public via an IPO in the third quarter of 2021. Instead, Pershing Square Tontine said it will have about $1.
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