William Ackman’s special-purpose acquisition company Pershing Square Tontine Holdings, Ltd. (NYSE:PSTH) is nearing a transaction with Universal Music Group, Inc. that would value the world’s largest music business at about $40 billion, people familiar with the matter said. The deal would be the largest SPAC transaction on record, exceeding the roughly $35 billion that Singaporean ride-hailing company Grab Holdings Inc. was valued at in a similar deal recently, according to Dealogic. It would have a so-called enterprise value, taking into consideration Universal’s debt, of about $42 billion. It isn’t guaranteed Universal and the SPAC, Pershing Square Tontine Holdings Ltd. will reach a deal. If they do, it could be completed in the next few weeks and isn’t subject to any additional due diligence, the people said. The deal, which would hand Mr. Ackman’s entities a 10% stake in a newly public Universal, would have a €33 billion ($40 billion) equity value and a €35 billion enterprise value, a measurement that takes into consideration the amount of debt and cash a company has on its balance sheet.