Pershing Square Tontine Holdings Ltd., owned by US hedge fund mogul Bill Ackerman, announced on Sunday that it had agreed to buy 10 per cent of (Universal Music Group), owned by French media giant Vivanda (Vivendi), for about $4 billion.

(SPAC), Ackerman's special-purpose acquisition firm, said the deal valued Universal Music at 35 billion euros ($42 billion), including its debt.

Pershing Square Tontine said it planned to allocate shares in Universal Music to its investors after it listed in Amsterdam later this year.

"the arrival of major US investors is further proof of Universal Music's global success and attractiveness after a consortium led by Tencent Group acquired a 20 per cent stake in Universal Music," Viwandi said in a separate statement on Sunday. "

Viwandi said the deal would be completed in the next few months, no later than September 15 at the latest.