Cadwalader Advising PSTH on Its Acquisition of 10% of Universal Music Group and Pershing Square in Its Formation of Pershing Square SPARC Holdings

June 21, 2021

Cadwalader is advising Pershing Square Tontine Holdings, Ltd. (“PSTH”) in connection with its agreement to acquire 10% of the outstanding Ordinary Shares of Universal Music Group B.V. (“UMG”) from Vivendi S.E. for approximately $4 billion, representing an enterprise value of €35 billion (approximately $40 billion) for UMG. Subsequent to the transaction, PSTH will remain a publicly traded company with $1.5 billion of cash after the distribution of UMG shares and will continue to seek a new business combination partner.

Additionally, Cadwalader is advising Pershing Square in the formation of a first-of-its-kind investment vehicle, Pershing Square SPARC Holdings, Ltd., a special purpose acquisition rights company.

The Cadwalader team is led by Corporate partners Stephen Fraidin and Gregory P. Patti Jr. and includes associate Niral Shah, senior attorney Brad Smith and law clerk Andrew Rivera; Litigation partners Nicholas Gravante and Amanda Devereux and associate Justin Arborn; Tax partners Linda Swartz and Jason Schwartz, special counsel Joseph Soltis and associate Matthew Seitz; Executive Compensation and Benefits partner David Teigman and counsel Nicholas LaSpina; and Financial Services partner Ray Shirazi and special counsel Nicholas Allen.