finance

Pershing Square signs deal to buy 10% of Vivendi's Universal – statement



© Reuters. FILE PHOTO: The logo of Vivendi is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, France, April 22, 2021. REUTERS/Gonzalo Fuentes/File Photo

PARIS (Reuters) – Vivendi (PA:), controlled by French billionaire Vincent Bollore, said on Sunday it had signed a deal to sell 10% of Universal Music Group (UMG) to Pershing Square (NYSE:) Tontine Holdings.

“After the 20% equity stake acquired by the Consortium led by the Tencent (HK:) group, the arrival of major American investors provides further evidence of UMG’s global success and attractiveness,” Vivendi said in a statement.

“As announced, the transaction is based on an enterprise value of 35 billion euros for 100% of UMG’s share capital.”

Vivendi is planning to cash in on its UMG crown jewel, the world’s biggest music label with artists such as Taylor Swift, by spinning off the entity to existing shareholders.

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