The hedge fund billionaire Bill Ackman is nearing a deal with Universal Music Group that would see his blank-cheque company acquire a 10 per cent stake in the record label behind artists such as Lady Gaga and Cyndi Lauper, said people briefed on the matter.
The deal with Pershing Square Tontine Holdings, which broke records with its $4bn listing last year, will value Universal at about $40bn.
Shares in Ackman’s New York Stock Exchange-listed company fell as much as 14 per cent in after-hours trading, as investors reacted negatively to news of the transaction.
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