Investing.com-- Universal Music Group NV (AS:UMG) said on Wednesday that it will launch a U.S. share sale and seek a U.S. listing as part of deal with activist investor Bill Ackman’s hedge fund Pershing Square (NYSE:SQ) Holdings Ltd (LON:PSHP).
UMG will launch an underwritten offering for the sale of its shares owned by Pershing Square by at least September 2025, the record label said in a statement. The move comes after Ackman said in November that he will relocate both his hedge fund and UMG away from Amsterdam.
Ackman had also trimmed his stake in the music giant after it denied his request to delist from Euronext (EPA:ENX) Amsterdam.
UMG had signaled in November that Pershing Square held the right to request a U.S. listing if it sold at least $500 million worth of UMG shares as part of the listing.
Ackman said on Wednesday that he had waived the 120-day filing requirement for the share sale, giving the company enough time to complete the secondary listing.