Pershing Square Holdings Ltd — M&A Activity 2021

Aug 11, 2021

National Storage Mechanism | Additional information

Pershing Square Acquires Initial Stake in Universal Music Group

Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) today announced that Pershing Square Holdings Ltd., Pershing Square L.P., and Pershing Square International Ltd., through an affiliated entity, have acquired 128,555,017 Ordinary Shares of Universal Music Group (UMG), representing 7.1% of the company from Vivendi S.E. for approximately $21.78 per share (or €18.58 per share at today’s exchange rate). The total cash consideration of $2.8 billion represents an equity value for UMG of €33 billion. PSH’s share of the cash consideration is approximately $2.5 billion.

PSH and its affiliates have the right to acquire up to an additional 2.9% of UMG’s Ordinary Shares at the same price per share by September 9, 2021, which right Pershing Square intends to exercise.

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)

View source version on businesswire.com: https://www.businesswire.com/news/home/20210810005930/en/

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