A group of Universal Music Group NV shareholders affiliated with billionaire Bill Ackman’s hedge fund Pershing Square raised more than €1.3 billion ($1.4 billion) from the sale of about a 2.7% stake in the world’s largest music company.

Bill Ackman’s Pershing Square expects to raise $1.4 billion from the sale of a 2.7% stake in Universal Music Group.

Pershing Square Holding will sell $1.5 billion worth of Universal Music Group shares on the Euronext Amsterdam exchange.