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Bill Ackman's Pershing Square Tontine in talks to buy 10% of Vivendi's Universal

Pershing Square Tontine, the SPAC formed last summer by Bill Ackman, confirmed that it's in talks to buy a 10% stake in Universal Music Group from Vivendi at a $40 billion enterprise value.

The big picture: At first glance, this isn't what Tontine was formed to do. Or what any SPAC is formed to do, since they're expected to buy/merge private companies. It also had expected to sign a deal in 2020, per this Axios Re:Cap interview with Ackman last July.

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