Pershing Square Holdings Ltd

Transaction in Own Shares • Sep 1, 2021

Affiliate of Pershing Square Holdings, Ltd. to Acquire Additional Stake in Universal Music Group

LONDON--(BUSINESS WIRE)-- Regulatory News:

Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) today announced that PS VII Master, L.P. ("PSVII"), an affiliated co-investment vehicle, has notified Vivendi S.E. that it intends to exercise its option to acquire 52,769,098 Ordinary Shares of Universal Music Group ("UMG"), representing 2.9% of the company, for approximately \$21.78 per share (or €18.40 per share at today's exchange rate). The total cash consideration of \$1.1 billion represents an equity value for UMG of €33 billion. PSVII's purchase will not increase PSH's ownership of UMG.

Following PSVII's purchase, PSH and its affiliates will own 10% of the Ordinary Shares of UMG. Citigroup Global Markets Inc. served as placement agent.

About Pershing Square Holdings, Ltd.

Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) is an investment holding company structured as a closed-ended fund.

Category: (PSH:Investments)

Contacts

Media Camarco Ed Gascoigne-Pees / Julia Tilley +44 (0)20 3781 8339, media-pershingsquareholdings@camarco.co.uk

Source: Pershing Square Holdings, Ltd.