Bill Ackman's SPAC Pershing Square falls 7% premarket after Vivendi confirms talks to buy Universal Music stake

Dow Jones2021-06-04

MW Bill Ackman's SPAC Pershing Square falls 7% premarket after Vivendi confirms talks to buy Universal Music stake

Shares of Pershing Square Tontine Holdings Ltd. $(PSTH)$, the special purpose acquisition corporation, or SPAC, created by billionaire investor Bill Ackman, fell 7.4% in premarket trade Friday, after Vivendi SE confirmed it is in talks to sell Pershing a 10% stake in Universal Music Group. Vivendi said talks have given Universal Music an enterprise value of EUR35 billion ($42.4 billion). If the deal is approved, it would be the biggest SPAC deal on record, exceeding the $35 billion that Singaporean ride-hailing company Grab Holdings Inc. was valued at in a similar deal recently, according to Dealogic, the Wall Street Journal reported. Ackman created the SPAC last year in the midst of a craze for the vehicle, in which a company raises capital in an initial public offering and then has about two years to find a business or businesses to acquire. Ackman's SPAC raised more than $4 billion, making it the biggest ever when it went public last July.

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

$(END)$ Dow Jones Newswires

June 04, 2021 06:46 ET (10:46 GMT)

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radikai2222
2021-06-05
radikai2222
Seriously... This is the technology?

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