Universal Music Group (UMG) will repurchase €250 million ($288 million) of its own shares, the final tranche of a €1 billion buyback authorization introduced earlier this year. The repurchase, covering approximately 25 million shares, is expected to be completed by September 10.
UMG first announced a €500 million buyback program in April, then doubled the authorization to €1 billion in May. By July, the company had acquired 26,707,529 shares for €499.2 million. A further €250 million was used to repurchase shares from Bill Ackman’s Pershing Square around the time the hedge fund made a bid to acquire UMG stock.
A single broker will execute the latest buyback across multiple trading venues, including the Euronext Amsterdam Stock Exchange, Turquoise Europe, Aquis Exchange Europe, and CBOE Europe Limited.
