Bill Ackman’s Pershing Square Capital Management (PSCM) is closing out an investment fund that held a stake in Universal Music Group and is distributing 47 million shares of the music company to the fund’s co-investors.

The news came the same day that Pershing Square Holdings, a closed-ended fund owned by PSCM, announced it had received regulatory approval to delist from the Amsterdam Euronext stock exchange.

Pershing Square Holdings controlled 10.25% of UMG’s stock at the end of 2023, according to UMG’s annual report for the year. The 47 million shares that Pershing Square is distributing amount to 2.6% of UMG’s outstanding shares. After the distribution, the investment company will still hold 140 million shares, or 7.6% of…