By Giulia Petroni
Vivendi SE said Tuesday that Pershing Square Holdings Ltd. has agreed to buy an additional 2.9% stake in Universal Music Group for a price of $1.15 billion.
The French media group said the purchase price is based on an enterprise value of $35 billion for UMG's full share capital.
The closing of the deal is scheduled to take place by Sept. 9.
Following the transaction, Pershing Square Holdings will own 10% of UMG's capital, according to Vivendi.
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(END) Dow Jones Newswires