Billie Eilish, a Universal Music Group artist, performs in London on Jan. 29.
Photo: Andy Sturmey/Avalon/Zuma Press
Breaking News…
Hedge-fund billionaire William Ackman’s special-purpose acquisition company is nearing a transaction with Universal Music Group that would value the world’s largest music business at about $40 billion, people familiar with the matter said.
Bill Ackman, the chief executive of Pershing Square Capital, speaking at the Wall Street Journal Digital Conference in Laguna Beach, Calif., on Oct. 17, 2017.
Photo: mike blake/Reuters
The deal would be the largest SPAC transaction on record, exceeding the roughly $35 billion that Singaporean ride-hailing company Grab Holdings Inc. was valued at in a similar deal recently, according to Dealogic. It would have a so-called enterprise value, taking into consideration Universal’s debt, of about $42 billion.
It’s not guaranteed Universal and the SPAC, Pershing Square Tontine Holdings Ltd., PSTH 0.56% will reach a deal. If they do, it could be finalized in the next few weeks and isn’t subject to any additional due diligence, the people said.
—Anne Steele and Corrie Driebusch contributed to this article.
(More to Come)
More on Universal Music, Ackman and SPACs
Write to Maureen Farrell at [email protected] and Cara Lombardo at [email protected]
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