Bill Ackman creates the first-of-its-kind SPARC—Here’s what it means

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  • CNBC Television published this video item, entitled “Bill Ackman creates the first-of-its-kind SPARC—Here’s what it means” – below is their description.

    Billionaire investor Bill Ackman announced Friday plans to buy 10% of Universal Music Group for around $4 billion. The deal would leave $1.5 billion in residual cash in Ackman’s SPAC, which would be rolled into a first-of-its-kind SPARC, or special purpose acquisition rights company, for another acquisition down the road. CNBC’s David Faber reports on the details.

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