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Bill Ackman sees Universal Music SPAC deal closing later this month

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Bill Ackman, founder and CEO of Pershing Square Capital Management.

Adam Jeffery | CNBC

Billionaire investor Bill Ackman said Friday he expects to close his SPAC deal to buy 10% of Universal Music Group for around $4 billion later this month.

Ackman’s blank-check company Pershing Square Tontine Holdings (PSTH) is likely to finish the transaction by June 22, the investor told CNBC’s Scott Wapner. French media company Vivendi, the majority owner of Universal Music controlling 80%, is set to hold its shareholder meeting on that day.

Ackman said he is excited about the deal and believes he is getting a slice of the No. 3 player in the space at a discount.

The deal would value Universal Music…



Source cnbc.com

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