Pershing Square Holdings will sell a portion of its Universal Music Group (UMG) shares on the US stock exchange by September 15, 2025. This move comes as part of Pershing's 7.6% stake in UMG, currently valued at $3.48 billion.

UMG has confirmed it will facilitate an underwritten offering for Pershing's shares, with the specific terms to be determined by UMG's Board of Directors based on maximizing value for all shareholders. Pershing has waived the standard 120-day filing requirement for this process.

This development follows recent events where Pershing Square chief and UMG board member Bill Ackman called for UMG to de-list from the Euronext Amsterdam exchange and relocate its legal headquarters to the United States. This request came in November 2024, following violent incidents against Israeli soccer fans in Amsterdam.

While UMG maintains its position on the Euronext Amsterdam exchange, where it has traded since separating from Vivendi in 2021, the company has acknowledged Pershing's right to request a US listing. This right is contingent on Pershing selling at least $500 million in UMG shares as part of the listing process.

Pershing Square itself recently received approval to de-list from the Euronext Amsterdam exchange, effective January 31, while maintaining its London exchange listing. This multi-exchange listing strategy is common among public companies, offering broader investor access and risk diversification across different markets.

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