NEW YORK: Billionaire investor William Ackman's blank-check firm Pershing Square Tontine Holdings is nearing a deal with Universal Music Group that would value the company at nearly $40 billion, people familiar with the matter said.
A deal of that size, if completed successfully, would mark the biggest-ever merger involving a so-called special purpose acquisition company (SPAC), similar in size to the $40-billion deal that ride-hailing giant Grab Holdings clinched in April.
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