# France’s Vivendi sells 2.9% of Universal to Pershing Square for $1.15 billion
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-08-31
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Billionaire William Ackman's Pershing Square to Buy
Meta Description: Stay updated on the latest news as billionaire hedge fund manager William Ackman's fund commits to buying 2.9% of UMG for $1.149 billion.
URL: https://financedigest.com/frances-vivendi-sells-2-9-of-universal-to-pershing-square-for-1-15-billionhtml

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PARIS (Reuters) – Billionaire hedge fund manager William Ackman’s Pershing Square fund has committed to acquire an additional 2.9% of Universal Music Group (UMG) for $1.149 billion, French conglomerate Vivendi said on Tuesday.

Vivendi said the transaction is based on an enterprise value of 35 billion euros ($41.40 billion) for 100% of UMG’s share capital.

Vivendi said that following its sale of a 7.1% UMG stake to Pershing Square in August, the fund will now own 10% of UMG’s share capital. The [closing related to the additional 2.9% stake](https://www.financedigest.com/siemens-energy-close-to-selling-stake-in-windar-renovables-source.html "Siemens Energy close to selling stake in Windar Renovables – source") will take place by Sept. 9.

($1 = 0.8455 euros)

(Reporting by GV De Clercq, Editing by Louise Heavens)


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