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Bill Ackman’s Pershing Square nears biggest-ever SPAC deal with Universal Music, source says

Bill Ackman, founder and CEO of Pershing Square Capital Management.

Adam Jeffery | CNBC

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Billionaire investor Bill Ackman is closing in on a deal to take Universal Music Group public in the largest special purpose acquisition company deal ever, a source told CNBC on Thursday.

The SPAC merger would be the largest ever, valuing Universal Music at roughly $40 billion, the source said. This knocks Southeast Asia’s ride-hailing giant Grab’s SPAC merger with Altimeter Growth Corp. out of first place, a deal that values the company at $39.6 billion.

Pershing Square Tontine Holding (PSTH) shares fell more than 8% in extended trading after closing Thursday at $25.05. The SPAC IPO was offered at $20 a share and it started trading in September 2020.

Blank check companies are usually formed to raise funds through an IPO to finance a merger or acquisition, typically within two years.

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