{"id":282220,"date":"2021-06-23T23:50:13","date_gmt":"2021-06-23T20:50:13","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/billionaire-investor-bill-ackman-eyes-us-listing-for-universal\/"},"modified":"2021-06-23T23:50:13","modified_gmt":"2021-06-23T20:50:13","slug":"billionaire-investor-bill-ackman-eyes-us-listing-for-universal","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/billionaire-investor-bill-ackman-eyes-us-listing-for-universal\/","title":{"rendered":"#Billionaire investor Bill Ackman eyes US listing for Universal"},"content":{"rendered":"

“#Billionaire investor Bill Ackman eyes US listing for Universal<\/strong>”<\/p>\n

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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.<\/p>\n

The billionaire investor who runs hedge fund\u00a0Pershing\u00a0Square\u00a0Capital Management and who raised the biggest-ever special purpose acquisition company (SPAC) nearly a year ago, described UMG as an \u201cincredibly iconic, super durable business,\u201d and said he hoped for a US listing for the world\u2019s biggest music label in the future.<\/p>\n

UMG, which is being spun-off by France\u2019s 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.<\/p>\n

\u201cIt is up to the board,\u201d he said, adding that he wants to own a bigger stake in UMG and is in talks to figure out a way of doing so.<\/p>\n

On a three-hour call with investors, the Wall Street financier, whose moves are closely watched, said that he signed a confidentiality agreement earlier this week for his next deal.<\/p>\n

\n
\"Lady
Bill Ackman said he\u2019s interested in a bigger stake in Universal Music Group, which is home to a variety of big acts, like Lady Gaga.<\/figcaption>
AFP via Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n

As he walked investors through how his SPAC called\u00a0Pershing\u00a0Square\u00a0Tontine Holdings and UMG will work, he said he is confident investors will stick with Tontine even if its shares fall below the IPO price.<\/p>\n

Earlier in June, Ackman said he would search for another deal through PSTH Remainco with the cash that is left, roughly $1.6 billion.\u00a0Pershing\u00a0Square\u00a0funds own roughly 29 percent of Remainco, which has the option of raising an additional $1.4 billion to complete a future deal. Even as Ackman is completing the first part, he is working on the second part, having identified a company and signed a confidentiality agreement.<\/p>\n

At 4 p.m. ET, PSTH shares were down 3.2 percent at $22.97 a share, compared with $21.10 when it launched in June last year.<\/p>\n

\"Taylor
Buying a stake in Universal, whose acts include superstar Taylor Swift, was personal for Bill Ackman, who said his grandfather wrote lyrics that are now owned by UMG.<\/figcaption>
Getty Images for MTV<\/span><\/figcaption><\/figure>\n

PERSONAL BET<\/p>\n

For Ackman, the investment in UMG is personal, he said. Nearly 100 years ago, his songwriting grandfather, Herman Ackman, sold lyrics that are now owned by UMG. The company represents popular artists such as Taylor Swift and Lady Gaga.<\/p>\n

The deal with UMG capp<\/a>ed a global hunt for a suitable target by Ackman, who considered home rental giant Airbnb and Southeast Asian ride-hailing and food delivery firm Grab Holdings as targets.<\/p>\n

The vehicle ended up being different from most SPACs. They typically are shell companies listed on stock exchanges to raise cash, with the sole purpose of merging with an unknown private company to take it public.<\/p>\n

Investors in Ackman\u2019s SPAC will get Universal shares when they are listed but will not be able to exercise their current warrants. Investors will also get rights to buy shares in a Special Purpose Acquisition Rights Company (SPARC) launched by\u00a0Pershing\u00a0Square, to do yet another deal down the line.<\/p>\n

The SPARC will have $10.6 billion in capital available to spend on a new target. It will have no deadline to spend the money and will eventually be publicly listed, Ackman said.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Billionaire investor Bill Ackman eyes US listing for Universal” 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…<\/p>\n","protected":false},"author":1,"featured_media":282221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/06\/ackman-eyes-more-universal.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[110108,70885,80765,78778,82909],"class_list":["post-282220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-6-23-21","tag-bill-ackman","tag-pershing-square","tag-private-equity-investments","tag-universal-music-group"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/282220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=282220"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/282220\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/282221"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=282220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=282220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=282220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}