The placement comes as Taylor Swift’s record label plans a U.S. share sale agreed in order to fulfill an agreement with Pershing Square.

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.

Hedge fund manager Bill Ackman said his Pershing Square firm would reduce its stake in the world’s largest music company.