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빌 애크먼의 퍼싱스퀘어 SPAC가 유니버설뮤직그룹 지분 10%를 약 40억 달러에 인수하는 계획을 발표했다는 뉴스 정리. 거래 구조: 전통적 합병이 아니라 퍼싱스퀘어 타우팅 홀딩스 주주들이 유니버설뮤직 지분을 받는 방식. 유니버설뮤직 기업가치는 약 420억 달러로 제시됨. 애크먼의 투자 철학(현금흐름 창출 기업, 강력한 경영진, 높은 진입장벽)과 스트리밍 확산에 따른 글로벌 성장성이 근거로 언급됨. 대체 불가능한 지적재산·필수 콘텐츠 자산이라는 평가. 퍼싱스퀘어 타우팅 홀딩스는 약 15억 달러 현금을 보유하고 추가 인수를 계속 모색할 것으로 전망됨. 주가는 발표 후 약 10% 하락. 신규 SPAC 'Pershing Square Spark'의 권리(rights)를 기존 주주에게 발행하는 구조가 언급되며, 일반적으로 기관·고액자산가에게 돌아가는 IPO 참여 기회를 주주에게 제공하는 점이 특징으로 설명됨. 출연자들은 거래 구조가 복잡하고 전통적 기준으로 해석하기 어렵다는 입장이며, 애크먼의 향후 설명을 기다리는 분위기. 당일 시장 흐름: 전일 노동부 고용보고서 이후 금요일 매도세를 예상하는 목소리가 있었으나 다우지수는 약 84포인트 상승 중. 대상 자산(삼성전자 등 목록)에 대한 직접 언급이나 1~3개월 가격 방향 예측 발언은 없음.
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so the world is talking about the latest deal that bill ackman has struck pershing square taunting holdings is going to purchase what is a 10 percent of universal music group it's a four billion dollar purchase it values universal music at 42 billion dollars julia laroche when i think universal music you know i don't think about them i think about lady gaga taylor swift i mean they have huge musicians as well as queen and the beatles right well look this is a this is a fascinating deal and probably not the one that a lot of folks were expecting from uh bill ackman's pershing square taunting holdings because it's not your traditional spec deal here uh rather than an actual traditional merger the the shareholders of persian square taunting holdings uh will receive shares in universal music group but it's interesting because i've followed bill ackman for a long time and to be clear we haven't heard from him beyond the press release here but he is kind of known for his um investment framework of how he likes to look for these cash flow generative companies with outstanding management with high barriers to entry those sorts of things but he did tell the irreplaceable intellectual property owned by this company also it's must-have content and what he sees is many years of growth globally as more consumers adopt streaming so we can talk about that part of the deal but also there's some more complex things we can dig into here as well adam well forget complexity right because this company i think vivendi is the majority owner but it's going to list publicly still in amsterdam so i mean look bill hackman is certainly an accomplished investor there's a play here it doesn't sound like he's going to be short-term on it or what do you think no and actually if you read the the so if you read this the document that came out overnight from bill the reason i say it's complex is okay this isn't the traditional one we're thinking of it's not a traditional merger it's a they'll be part of that listing they'll have the 10 percent of those shares that purging square taunting holdings will have acquired for its shareholders now version square taunting holdings will continue to trade it won't be listed under the kind of stack rules so you won't think of it as attritional spec but it'll have 1.5 billion or so in cash and it will still look for another deal it'll be a smaller deal but that is another thing to look for and if you also pay attention to bill ackman on twitter some of his followers said you know they've asked him like look you know for us loyal pershing square taunting holding shareholders we'd like you know they wanted to have access to a pershing square taunting too and kind of buried in this release you know bill ackman tweeted last night we've got the technology i was trying to figure out what's this talking about it's talking about access to a newly formed pershing square spark holding spark is not a spec it's a special purpose acquisition rights company it doesn't intend to raise capital through the traditional underwriting process but it will issue rights to those uh current persian square taunting shareholders i guess they get the rights to get in on this one at i guess the ipo price which would normally be reserved for kind of like institutions high net worth individuals so um seems to me that bill ackman is very much on the hunt for uh more deals down the line here it sounds like he's on the hunt for more deals but i i'm the same age i don't think i'm as smart as he is but i'm still trying to grasp you know i look at it right but i'm trying to put you know old-school parameters around this like content is king kind of situation where that doesn't seem to be the way to approach it anyway yeah i don't i it's hard to say because i can't really put myself in his shoes other than like he did tell in the press release um some of the i guess through his own investing framework but at this point look persian square taunting shares are down about 10 percent following this announcement and i think a lot of folks are pretty eager to hear from him yeah i bet you get the first interview all right uh we're going to have to take a look at well you can see there that the uh the pershing holdings is down right now but let's take a look at overall markets because when we come back we want to revisit how this latest labor department jobs report is impacting markets right now there are a lot of people yesterday saying we would go into friday with a sell-off going into the weekend that doesn't seem to be the case yet dow is up about 84 points we're going to revisit all of this right after the commercial break
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