Pershing Square Holdings is selling some of its shares in Universal Music Group in a listing on the US exchange by September 2025.
Universal Music Group (UMG) has announced that Pershing Square and some of its affiliates will sell off some of its 7.6% stake in UMG on the US stock exchange by September 15, 2025. Pershing Square waived the 120-day filing requirement.
“In line with its contractual obligations, UMG will use commercially reasonable efforts to launch an underwritten offering for the sale of certain shares owned by Pershing by September 15, 2025,” the company’s statement read.
“Any actions or decisions of UMG beyond those necessary to comply with its contractual obligations under the Registration Rights Agreement will be determined by the Board of Directors of UMG, based on an analysis taking into account what is value maximizing and in the best interests of all the shareholders of UMG.”
In November, 2024, violent attacks against Israeli soccer fans in Amsterdam saw UMG board member and Pershing chief Bill Ackman call on the company to de-list from the Euronext Amsterdam exchange. The company has traded on that exchange since it parted with Vivendi in 2021. Ackman also requested UMG move its legal headquarters from the Netherlands to the United States.
Similarly, Pershing Square sought to de-list its own stock from the Euronext Amsterdam exchange, a request that was granted on January 2. The company will officially de-list on January 31, but will continue to be listed on the London exchange.
At the time, UMG told Pershing it could use its holdings in UMG for a US listing but could not dictate terms. “Pershing has the right to request a listing in the US subject to a Pershing entity selling at least $500 million in UMG shares as part of the listing.” Pershing’s 7.6% stake in UMG is currently valued at $3.48 billion.
Listing in multiple countries is not unusual for publicly traded companies. Doing so provides such companies with access to more investors and hedges against unfavorable shifts in any one country.
