Pershing Square Holdings, through its subsidiary Tontine Holdings, has entered into an agreement with Vivendi to acquire a 10% stake in the activities of Universal Music Group of Vivendi. This was announced by Vivendi on Monday.
The participation amounts to approximately EUR 3.5 billion. Previously, there seemed to be an amount of EUR 4.0 billion.
The transaction is still subject to approval, among other things, by the US regulator. The transaction must be completed by 15 september this year.
Vivendi previously announced the listing of Ung on the Euronext Amsterdam Stock Exchange. It should take place by the end of september.
Tontine also announced that it would transfer the shares in Universal to its shareholders after the transaction. Tontine itself remains a listed company with $ 1.5 billion and is looking for new acquisition opportunities.