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TENCENT HOLDINGS LIMITED

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Delayed Hong Kong Stock Exchange  -  11:59 2022-08-15 pm EDT
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Ackman's SPAC signs deal to buy 10% of Vivendi's Universal

06/20/2021 | 07:24pm EDT

(Changes story identifier, recasts lede, adds details from Pershing Square Tontine's statement and background)

PARIS/BANGALORE, June 20 (Reuters) - Billionaire investor William Ackman's Pershing Square Tontine Holdings signed a deal to buy 10% of Universal Music Group (UMG), Taylor Swift's label, for about $4 billion, the companies said on Sunday.

"As announced, the transaction is based on an enterprise value of 35 billion euros ($41.55 billion) for 100% of UMG's share capital," Vivendi said.

UMG, which is being spun-off by France's Vivendi, will complete its planned Euronext Amsterdam listing in late September, the media group said.

Tontine said it will distribute UMG shares to its shareholders only after the completion of listing. "Promptly following the completion of the listing and the effectiveness of the registration statement, the UMG shares acquired by PSTH will be distributed to our shareholders."

Vivendi, controlled by French billionaire Vincent Bollore, is planning to cash in on its UMG crown jewel by spinning off the entity to existing shareholders.

Earlier this year, the consortium led by Tencent Holdings Ltd purchased an additional 10% stake in UMG making the total equity stake controlled by the Chinese tech giant to 20%.

"The arrival of major American investors provides further evidence of UMG's global success and attractiveness," Vivendi said.

Tontine said it will continue to exist as RemainCo after the transaction with an access to about $2.9 billion in cash and intends to pursue a business combination with an operating business promptly.

The blank-check firm, in its statement, pointed to UMG's operating profit growth of more than 20% per annum since 2017 and analysts' estimation of operating profit of 1.5 billion euros ($1.78 billion) for 2021.

Tontine became the biggest ever SPAC when it raised $4 billion in an initial public offering (IPO) last summer, with Ackman's hedge fund Pershing Square committing a minimum of an additional $1 billion. ($1 = 0.8424 euros) ($1 = 0.8423 euros) (Reporting by John Irish and Aishwarya Nair in Bengaluru; Editing by Edmund Blair and Diane Craft)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BOLLORÉ SE -0.49% 4.846 Real-time Quote.-1.50%
PERSHING SQUARE HOLDINGS, LTD. -0.30% 32.95 Real-time Quote.-19.83%
TENCENT HOLDINGS LIMITED -0.27% 299.6 Delayed Quote.-33.41%
UNIVERSAL MUSIC GROUP N.V. 0.93% 21.64 Real-time Quote.-12.67%
VIVENDI SE -0.53% 9.366 Real-time Quote.-21.23%
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Financials
Sales 2022 579 B 85 472 M 85 472 M
Net income 2022 115 B 16 984 M 16 984 M
Net cash 2022 84 382 M 12 459 M 12 459 M
P/E ratio 2022 22,4x
Yield 2022 0,43%
Capitalization 2 476 B 366 B 366 B
EV / Sales 2022 4,13x
EV / Sales 2023 3,44x
Nbr of Employees 116 213
Free-Float 62,5%
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Number of Analysts 53
Last Close Price 259,58 CNY
Average target price 390,75 CNY
Spread / Average Target 50,5%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau Chief Strategy & Investment Officer
Hai Feng Lin President
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
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