Vivendi said Sunday that the agreement would be finalized no later than Sept. 15. UMG is headed for an IPO later this year.
Ackman, the hedge fund billionaire, announced nearly a year ago his interest in aligning with a corporation of such size for his SPAC known as Pershing Square Tontine Holdings. The discussions place the valuation of UMG — home to Lady Gaga, Taylor Swift and Drake, among many others — at $40 billion.
Vivendi had previously announced that UMG would be spun off as a standalone entity to trade on Euronext after Vivendi distributes 60% of UMG to its shareholders by September. Additionally, China’s Tencent acquired 20% of UMG, leaving 20% to Vivendi, to which it was considering selling half, as reported by
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