(Sharecast News) - Pershing Square revealed on Tuesday that PSVII Master, an affiliated co-investment vehicle, will take up an additional stake in Universal Music Group.
Pershing Square stated PSVII had notified Vivendi SE that it intends to exercise its option to acquire 52.76m ordinary shares in Universal, representing 2.9% of the company, for approximately $21.78 per share.

Pershing said the total cash consideration of $1.1bn represented an equity value for UMG of €33.0bn.

Following PSVII's purchase, PSH and its affiliates will own 10% of the UMG's ordinary shares. However, PSVII's purchase will not directly increase Pershing's ownership of Universal.

As of 1550 BST, Pershing Square shares were up 0.39% at 2,600.0p.

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