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Common Music Group (UMG) has submitted a confidential utility with the Securities and Alternate Fee (SEC) to promote its shares within the US.
The agency is not going to obtain any proceeds from the sale, UMG mentioned in a press release on Tuesday.
“The variety of strange shares to be provided and the worth vary for the proposed providing haven’t but been decided,” it added. The itemizing additionally stays topic to overview by the SEC.
The world’s largest music firm, which represents artists like Taylor Swift, Billie Eilish, and Girl Gaga, is already listed in Amsterdam and has a inventory market valuation there of just about €50 billion.
The agency is each American and Dutch, holding its company headquarters in Hilversum, the Netherlands, and its operational headquarters in Santa Monica within the US state of California.
UMG mentioned in January that it will plan for the US itemizing after stress from main hedge fund investor Pershing Sq..
Billionaire Invoice Ackman, who leads Pershing Sq., argued {that a} itemizing within the US would considerably increase UMG’s worth.
Regardless of a dip brought on by Trump’s tariffs, US inventory markets are actually having fun with a rebound with the Nasdaq and the S&P 500 closing at report highs on Monday.
The S&P 500 rose 0.1% and edged previous its all-time excessive set final Thursday, the Nasdaq composite added 0.4% to its personal report, whereas the Dow Jones Industrial Common dropped by lower than 0.1%.