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TENCENT HOLDINGS LIMITED

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Ackman's SPAC signs deal to buy 10% of Vivendi's Universal

06/20/2021 | 07:24pm EDT

(Changes story identifier, recasts lede, adds details from Pershing Square Tontine's statement and background)

PARIS/BANGALORE, June 20 (Reuters) - Billionaire investor William Ackman's Pershing Square Tontine Holdings signed a deal to buy 10% of Universal Music Group (UMG), Taylor Swift's label, for about $4 billion, the companies said on Sunday.

"As announced, the transaction is based on an enterprise value of 35 billion euros ($41.55 billion) for 100% of UMG's share capital," Vivendi said.

UMG, which is being spun-off by France's Vivendi, will complete its planned Euronext Amsterdam listing in late September, the media group said.

Tontine said it will distribute UMG shares to its shareholders only after the completion of listing. "Promptly following the completion of the listing and the effectiveness of the registration statement, the UMG shares acquired by PSTH will be distributed to our shareholders."

Vivendi, controlled by French billionaire Vincent Bollore, is planning to cash in on its UMG crown jewel by spinning off the entity to existing shareholders.

Earlier this year, the consortium led by Tencent Holdings Ltd purchased an additional 10% stake in UMG making the total equity stake controlled by the Chinese tech giant to 20%.

"The arrival of major American investors provides further evidence of UMG's global success and attractiveness," Vivendi said.

Tontine said it will continue to exist as RemainCo after the transaction with an access to about $2.9 billion in cash and intends to pursue a business combination with an operating business promptly.

The blank-check firm, in its statement, pointed to UMG's operating profit growth of more than 20% per annum since 2017 and analysts' estimation of operating profit of 1.5 billion euros ($1.78 billion) for 2021.

Tontine became the biggest ever SPAC when it raised $4 billion in an initial public offering (IPO) last summer, with Ackman's hedge fund Pershing Square committing a minimum of an additional $1 billion. ($1 = 0.8424 euros) ($1 = 0.8423 euros) (Reporting by John Irish and Aishwarya Nair in Bengaluru; Editing by Edmund Blair and Diane Craft)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BOLLORÉ SE -0.52% 4.586 Real-time Quote.36.31%
TENCENT HOLDINGS LIMITED -7.72% 490 End-of-day quote.-13.12%
VIVENDI SE -0.49% 28.19 Real-time Quote.7.39%
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Financials
Sales 2021 588 B 90 753 M 90 753 M
Net income 2021 148 B 22 872 M 22 872 M
Net cash 2021 117 B 18 024 M 18 024 M
P/E ratio 2021 26,7x
Yield 2021 0,39%
Capitalization 3 885 B 599 B 600 B
EV / Sales 2021 6,41x
EV / Sales 2022 5,20x
Nbr of Employees 89 228
Free-Float 62,4%
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Number of Analysts 52
Last Close Price 408,36 CNY
Average target price 614,61 CNY
Spread / Average Target 50,5%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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