Pershing Square Takes 7.1% Stake in Universal Music Group

By Kimberly Chin

Pershing Square Holdings Ltd. and its affiliates acquired a 7.1% stake in Universal Music Group from Vivendi SE for about $2.8 billion in cash, the company said Tuesday.

Pershing and its affiliates acquired about 128.6 million shares at $21.78 apiece. This would give UMG an equity value of about 33 billion euros ($38.7 billion), the company said.

The hedge fund and its affiliates will be able to buy up to an additional 2.9% in UMG's shares at the same share price by Sept. 9, Pershing said.

Write to Kimberly Chin at [e-mail]

(END) Dow Jones Newswires

08-10-21 1510ET