The record label behind Taylor Swift plans to launch a U.S. offering of some shares owned Bill Ackman’s Pershing Square, as the hedge-fund billionaire pushes for a U.S. listing.

Further to Universal Music Group’s (UMGNF) statement of November 9, 2024, UMG announced Wednesday that Pershing Square has exercised its right under the previously disclosed Registration Rights Agreement between UMG and Pershing to request an offering and secondary listing of UMG in the U.

Universal Music Group shares will be dual-listed on a U.S. exchange in 2025 as Pershing Square sells some of its stake for a U.S. listing.

Universal Music Group NV has agreed to plan a US share sale by Sept. 15, in order to fulfill an agreement with billionaire Bill Ackman’s hedge fund Pershing Square.

The deal requires Pershing to sell at least $500 million worth of its UMG holdings as part of the listing process.

Universal Music Group said on Wednesday that billionaire Bill Ackman-led Pershing Square has exercised its right to request an offering and secondary listing of the record label in the United States.

Investing.com-- Universal Music Group NV (AS: UMG) said on Wednesday that it will launch a U.S. share sale and seek a U.S. listing as part of deal with activist investor Bill Ackman’s hedge fund Pershing Square Holdings Ltd (LON: PSHP ).