April 4 (Lagos) - The wall street Journal broke the news late yesterday in New York that Billionaire, Bill Ackman's Pershing Square Tontine Holdings (PSTH), the biggest SPAC in the world by valuation is looking to merge with the global music giant UNIVERSAL MUSIC.
Universal music is a gigantic music corporation that has rights to music of artists such as the Lady Gaga, Justin Timerlake, Weekend, Kanye West, Jayz, Beatles, Taylor Swift, Eminem, Drake to name a few. This is the biggest music company in the world.
The deal is expected to value Universal at $40 billion.
Share holders of Pershing square are getting a lot more than they were hoping for according to details that are just emerging.
According to some of the latest details through Business wire, PSTH to Distribute the Acquired UMG Shares to PSTH Shareholders Later this Year. PSTH to Remain a Publicly Traded Company with $1.5 billion of Cash After the Distribution of UMG Shares, and to Seek New Business Combination Partner. Pershing Square Capital Management Has Formed Pershing Square SPARC Holdings, Ltd. ("SPARC"). SPARC to Distribute Transferable Rights to Purchase Shares in SPARC to PSTH Shareholders
Bill Ackman said
"Universal Music Group is one of the greatest businesses in the world," said Bill Ackman, CEO of PSTH. "Led by Sir Lucian Grainge, it has one of the most outstanding management teams that I have ever encountered,"
reporting for easykobo.com on Friday, June 4 2021 from Lagos, Nigeria