HITS Daily Double

7.1 + 2.9 = 10%

Bill Ackman’s Pershing Square Holdings will acquire an additional 2.9% of UMG for $1.149 billion, Vivendi confirmed Tuesday, bringing the company’s stake to an even 10%. The purchase comes 16 days before UMG’s IPO.

The deal closes 19 days after investment firm PSH made its initial 7.1% purchase for $2.8b, based on UMG's valuation of €35b (roughly $41b). Ackman had until 9/9 to purchase the additional 2.9%.

Ackman had previously dropped his plan to acquire a chunk of UMG via his SPAC, Pershing Square Tontine Holdings.