Money Makers Mentor

Bill Ackman’s SPAC Signs Deal to Acquire 10% of Universal Music Group

Pershing Square Tontine Holdings (NYSE:PSTH) announced on Sunday June 20 that it has signed a deal to acquire 10% of Universal Music Group. Investor William Ackman established Tontine, which is an SPAC. Tontine Holdings will acquire the 10% of UMG for about $4 billion. French media conglomerate Vivendi is the parent company of UMG. Vivendi confirmed last month in a press release that it was exploring this deal with Tontine. Ackman also gave more details of the deal earlier this month.

Further Transaction Details

Ackman revealed more details about this transaction earlier this month. Vivendi is spinning off UMG to existing shareholders. French billionaire Vincent Bollore has plans to cash in on UMG by spinning the company off. Vivendi said that the transaction is based on an enterpr…

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