Pershing Square, a Guernsey-based investment holding company, completed the acquisition of a 7.1% stake in Universal Music Group, a global music corporation, from Vivendi, a French media conglomerate, for $2.8bn. Mr. Ackman, Pershing Square CEO, has the right to acquire, by September 9, 2021, up to an additional 2.9% of UMG’s share capital through funds which he manages, based on the same valuation.