Pershing Square Tontine Assigns Universal Music Deal to William Ackman Funds

By Adria Calatayud

Pershing Square Tontine Holdings Ltd. said Monday that it has decided not to proceed with its proposed acquisition of a 10% stake in Universal Music Group and will assign its share-purchase deal to Pershing Square Holdings Ltd.

Vivendi SE said it has approved Pershing Square Tontine's request to assign its rights and obligations under a June 20 agreement to investment funds with significant economic interests or management positions held by William Ackman.

On June 20, Pershing Square Tontine agreed to acquire 10% of the ordinary shares of UMG in a deal valuing the world's largest music company at about $40 billion.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

07-19-21 0255ET