Vivendi's UMG surges almost 40% in Dutch debut

Pershing Square Holdings

21/09/2021 08:06

** Shares in Universal Music Group (UMG)  UMG.AS , the
world's largest record label, surge close to 40% on their
Amsterdam debut
    ** They opened at 25.05 euros versus the IPO reference price
of 18.50 euros  urn:newsml:reuters.com:*:nL1N2QM1FH
    ** The label, which represents musicians ranging from Billie
Eilish to The Rolling Stones and Bob Dylan, is benefiting from
an industry rebound underpinned by booming streaming revenues
and a recent surge in sales of vinyl records and CDs
 urn:newsml:reuters.com:*:nL1N2QG0O5
    ** Vivendi, controlled by Vincent Bolloré, plans to
distribute 60% of the capital to its current shareholders, of
which 18% - around 5.9 billion euros - will go directly to the
French billionaire
    ** Vivendi will retain 10% of Universal after the
transaction, while a Tencent-led  0700.HK  consortium will hold
20% and U.S. investor Bill Ackman's Pershing Square Holdings
 PSH.AS  10% 

($1 = 0.8523 euros)

 (Reporting by Sarah Morland)
 ((sarah.morland@tr.com
mailto:sarah.morland@thomsonreuters.com))