Shares of Pershing Square Tontine Holdings Ltd. , the special purpose acquisition corporation, or SPAC, created by billionaire investor Bill Ackman, fell 7.4% in premarket trade Friday, after Vivendi SE confirmed it is in talks to sell Pershing a 10% stake in Universal Music Group. Vivendi said talks have given Universal Music an enterprise value of €35 billion ($42.4 billion). If the deal is approved, it would be the biggest SPAC deal on record, exceeding the $35 billion that Singaporean ride-hailing company Grab Holdings Inc. was valued at in a similar deal recently, according to Dealogic, the Wall Street Journal reported. Ackman created the SPAC last year in the midst of a craze for the vehicle, in which a company raises capital in an initial public offering and then has about two years to find a business or businesses to acquire. Ackman’s SPAC raised more than $4 billion, making it the biggest ever when it went public last July.

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