By Kimberly Chin

Pershing Square Holdings Ltd. and its affiliates acquired a 7.1% stake in Universal Music Group from Vivendi SE for about $2.8 billion in cash, the company said Tuesday.

Pershing and its affiliates acquired about 128.6 million shares at $21.78 apiece. This would give UMG an equity value of about 33 billion euros ($38.7 billion), the company said.

The hedge fund and its affiliates will be able to buy up to an additional 2.9% in UMG's shares at the same share price by Sept. 9, Pershing said.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

August 10, 2021 15:10 ET (19:10 GMT)

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