Pershing plans to sell its $1.5 billion stake in Universal Music Group.

Billionaire Bill Ackman's Pershing Square investment fund is planning to sell a portion of its shares in Universal Music Group (AS:UMG) NV. The fund's affiliates, including Pershing Square Holdings Ltd., Pershing Square LP, and Pershing Square International Ltd., are putting approximately 2.7% of their shares in the leading music company up for sale.

The sale, which includes around 50 million shares tied to pop star Taylor Swift's record label, is part of a placement agreement reported by Bloomberg News. The shares are being offered on the Amsterdam stock exchange within a price range of €26.60 to €27.90. If sold at the upper limit of this range, the transaction could generate approximately €1.4 billion ($1.5 billion) in revenue.