Pershing Square Tontine Holdings, Ltd.’s Acquisition Of A Minority Stake In Universal Music Group

Freshfields advised Universal Music Group, while Cadwalader advised Pershing Square Tontine Holdings on the deal. Loyens & Loeff advised Vivendi.

Pershing Square Tontine Holdings, Ltd. (“PSTH”) acquired 10% of UMG from Vivendi S.E. for approximately $4 billion, representing an enterprise value of UMG of €35 billion. 

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.

Universal Music Group is a global music corporation that is majority owned by the French media conglomerate Vivendi, with Chinese tech company Tencent owning a minority stake.

Pershing Square Tontine Holdings, Ltd. is a special purpose acquisition company.

The Freshfields team was led by partners Sebastian Fain (Picture) and Pamela Marcogliese in New York and Dirk-Jan Smit in Amsterdam and included support from corporate associates Zach Truscott, Mark Maarschalkerweerd, Maxine Lemstra and Nayong Kwon in Amsterdam, Vinita Sithapathy, Khaair Morrison and Jack Liechtung in New York and Jennifer Brokamp in London. Corporate partners Hanneke Rothbarth in Amsterdam, Sarah Solum in Silicon Valley and Andrea Basham in New York also provided advice in connection with the transaction. Employment advice was provided by partners Brechje Nollen in Amsterdam and Maj Vaseghi in Silicon Valley. Partners Eelco Van Der Stok in Amsterdam and Claude Stansbury in Washington, DC provided tax advice with support from associate Daan Van Schaik in Amsterdam. Counsel Richard Snyder provided antitrust support from Washington, DC. Partner Michael Broeders and associates Hakan Gargili and Annemarie Van der Does Vos in Amsterdam provided financing support.

The Cadwalader team was 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.

The Loyens & Loeff team consists of Michel van Agt, Wouter Kros, Stijn Werdmölder, Dynah Dettingmeyer, Bastiaan Cornelisse, Rik Walschot and Jeannette van Rees (Corporate / M&A), Marcel Buur, Gerjan van Eijk and Sandrine Lekkerkerker (Tax).

Involved fees earner: Nicholas Allen – Cadwalader Wickersham & TaftJustin Arbor – Cadwalader Wickersham & TaftAmanda Devereux – Cadwalader Wickersham & TaftStephen Fraidin – Cadwalader Wickersham & TaftNicholas Gravante – Cadwalader Wickersham & TaftNicholas Laspina – Cadwalader Wickersham & TaftGregory Patti – Cadwalader Wickersham & TaftJason Schwartz – Cadwalader Wickersham & TaftMatthew Seitz – Cadwalader Wickersham & TaftNiral Shah – Cadwalader Wickersham & TaftRay Shirazi – Cadwalader Wickersham & TaftBrad Smith – Cadwalader Wickersham & TaftJoseph Soltis – Cadwalader Wickersham & TaftLinda Swartz – Cadwalader Wickersham & TaftDavid Teigman – Cadwalader Wickersham & TaftAndrea Basham – Freshfields Bruckhaus Deringer LLPMichael Broeders – Freshfields Bruckhaus Deringer LLPJennifer Brokamp – Freshfields Bruckhaus Deringer LLPSebastian Fain – Freshfields Bruckhaus Deringer LLPHakan Gargili – Freshfields Bruckhaus Deringer LLPMaxine Lemstra – Freshfields Bruckhaus Deringer LLPJack Liechtung – Freshfields Bruckhaus Deringer LLPMark Maarschalkerweerd – Freshfields Bruckhaus Deringer LLPPamela Marcogliese – Freshfields Bruckhaus Deringer LLPKhaair Morrison – Freshfields Bruckhaus Deringer LLPBrechje Nollen – Freshfields Bruckhaus Deringer LLPHanneke Rothbarth – Freshfields Bruckhaus Deringer LLPVinita Sithapathy – Freshfields Bruckhaus Deringer LLPDirk-Jan Smit – Freshfields Bruckhaus Deringer LLPRichard Snyder – Freshfields Bruckhaus Deringer LLPSarah Solum – Freshfields Bruckhaus Deringer LLPClaude Stansbury – Freshfields Bruckhaus Deringer LLPZach Truscott – Freshfields Bruckhaus Deringer LLPAnnemarie Van der Does Vos – Freshfields Bruckhaus Deringer LLPEelco Van der Stok – Freshfields Bruckhaus Deringer LLPDaan van Schaik – Freshfields Bruckhaus Deringer LLPMaj Vaseghi – Freshfields Bruckhaus Deringer LLPMarcel Buur – Loyens & LoeffBastiaan Cornelisse – Loyens & LoeffDynah Dettingmeyer – Loyens & LoeffWouter Kros – Loyens & LoeffSandrine Lekkerkerker – Loyens & LoeffMichel van Agt – Loyens & LoeffGerjan van Eijk – Loyens & LoeffJeannette van Rees – Loyens & LoeffRik Walschot – Loyens & LoeffStijn Werdmölder – Loyens & Loeff

Law Firms: Cadwalader Wickersham & TaftFreshfields Bruckhaus Deringer LLPLoyens & Loeff

Clients: Pershing Square Tontine HoldingUniversal MusicVivendi SA;

Author: Martina Bellini