Bill Ackman’s SPAC May Have Found a Dance Partner

The fund is working on a complex potential deal to invest in Universal Music Group.

By Andrew Ross Sorkin, Jason Karaian, Sarah Kessler, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni

A SPAC deal like no other

Bill Ackman’s jumbo-sized SPAC has finally found its big deal: It is closing in on an agreement to buy a 10 percent stake in Universal Music Group, the home of artists like Taylor Swift, at a $42 billion valuation. If completed, the transaction would be the biggest involving a SPAC to date — and it would certainly be among the most complex.

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