Connected Car
At those price levels, UMG would be valued at roughly $42 billion. This deal is a departure from the typical SPAC fare, as UMG will not go public through a combination with Tontine. Rather, UMG – which has already flagged its intention to list on Amsterdam’s Euronext later this year – will go ahead uninterrupted. After raising $4 billion for Tontine Holdings in late-2020, Ackman has been relentlessly searching for an acquisition target. Tontine saw its share price fall in response to the announcement of this deal last Friday, though the stock rebounded firmly on Monday, gaining 4.40% to last trade at $23.03 per share.