By Giulia Petroni

 

Vivendi SE said Tuesday that Pershing Square Holdings Ltd. has agreed to buy an additional 2.9% stake in Universal Music Group for a price of $1.15 billion.

The French media group said the purchase price is based on an enterprise value of $35 billion for UMG's full share capital.

The closing of the deal is scheduled to take place by Sept. 9.

Following the transaction, Pershing Square Holdings will own 10% of UMG's capital, according to Vivendi.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

August 31, 2021 02:40 ET (06:40 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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