Universal Music Group to Launch US Stock Exchange Listing by 2025, Led by Pershing Square
Pershing Square Holdings will list a portion of its 7.6% Universal Music Group (UMG) stake on the US stock exchange by September 15, 2025. This move follows Pershing's waiver of the standard 120-day filing requirement.
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UMG has committed to facilitating an underwritten offering for Pershing's shares, with specific actions to be determined by UMG's Board of Directors based on maximizing value for all shareholders.
The decision comes after Pershing chief and UMG board member Bill Ackman called for UMG to de-list from Euronext Amsterdam following violent incidents against Israeli soccer fans in November 2024. Ackman also suggested relocating UMG's legal headquarters from the Netherlands to the United States.
Pershing Square itself recently received approval to de-list from Euronext Amsterdam, effective January 31, while maintaining its London exchange listing. UMG previously informed Pershing it could pursue a US listing by selling at least $500 million in UMG shares. Currently, Pershing's UMG stake is valued at $3.48 billion.
Multiple exchange listings are common practice for public companies, offering broader investor access and risk diversification across different markets.
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