Bill Ackman’s Pershing Square Capital Management proposed a €56 billion ($64.7 billion) deal for Universal Music Group NV.
The plan includes selling the company’s stake in Spotify Technology SA to help finance the transaction. This Spotify holding is valued at approximately €1.5 billion after taxes and artist compensation.
The proposal seeks to merge the record label with a U.S.-based acquisition vehicle. This move would shift the primary stock listing from Amsterdam to the New York Stock Exchange.
Ackman aims to increase returns for shareholders following a period of lagging stock performance. The transaction is designed to capitalize on the music industry's strong overall growth.