Bill Ackman abandons Universal Music SPAC deal after SEC backlash

The original deal would have valued the home of Taylor Swift, Drake and Billie Eilish at 35 billion euros ($41.3 billion) including debt.

Bill Ackman will buy a stake in Universal Music Group with his hedge fund rather than his blank-check company after opposition from investors and U.S. regulators.
 

Ackman’s special purpose acquisition company will withdraw its offer for a 10% stake, he said in a letter on Monday. His hedge fund will assume the share purchase agreement, and buy 5% to 10% of the music label, UMG’s owner Vivendi SE said in a separate statement.

The decision comes as the SPAC boom peters out, with the IPOX SPAC Index dropping 26% since its February peak. The complexity of the deal may have been