Bill Ackman eyes US listing for Universal, expects to close next deal soon
NY Post
Bill Ackman, whose blank check acquisition company struck a deal to buy 10 percent of Universal Music Group last week, is exploring options to increase his stake in the music label and expects to close his next deal soon, he told investors on Wednesday.
The billionaire investor who runs hedge fund Pershing Square Capital Management and who raised the biggest-ever special purpose acquisition company (SPAC) nearly a year ago, described UMG as an “incredibly iconic, super durable business,” and said he hoped for a US listing for the world’s biggest music label in the future. UMG, which is being spun-off by France’s Vivendi, will complete its planned Euronext Amsterdam listing in late September. Ackman said UMG could be listed in the United States through a direct listing on stock exchanges or through sponsored American Depositary Receipts.
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