Pershing Square Holdings Ltd

Net Asset Value • Aug 31, 2021

National Storage Mechanism | Additional information

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

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)

Media

Camarco

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

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Pershing Square Holdings, Ltd.