Bill Ackman’s Pershing Square Capital Management has proposed a major deal for Universal Music Group, offering to buy the music company in a cash-and-stock transaction valued at about $64 billion, according to a Tuesday statement. The offer ties Universal Music to Pershing Square’s plans for a business combination with Pershing Square SPARC Holdings, an acquisition vehicle the U.S. Securities and Exchange Commission approved in 2023.

Under the proposed structure, Pershing Square said Universal Music would merge with Pershing Square SPARC Holdings, with the new company planned to be based in Nevada. Pershing Square also said it would move the listing of the combined entity from Amsterdam to the New York Stock Exchange.

The proposed price is 30.40 euros per share, or $35.12, Pershing Square said, which it estimated would place Universal Music’s value at about 56 billion euros based on its outstanding shares. Pershing Square also outlined how Universal Music shareholders would be paid, saying they would receive 9.4 billion euros in cash and 0.77 shares of the newly created company’s stock for each Universal Music share they own.

In its statement, Ackman said the offer reflects an investment view that problems weighing on Universal Music’s shares were not tied to the music company’s core performance. “UMG’s stock price has languished due to a combination of issues that are unrelated to the performance of its music business and importantly, all of them can be addressed with this transaction,” he said.

Pershing Square said the transaction is anticipated to close by the end of the year. Universal Music did not immediately respond to a request for comment.

The proposal also follows Ackman’s earlier attempt to buy into Universal Music: in 2021, Pershing Square said it walked away from a deal that would have given Ackman a 10% stake. At the time, Ackman cited questions from the SEC about whether the special-purpose acquisition company structure would have allowed the acquisition under New York Stock Exchange rules.

Shares of Universal Music rose more than 10% in midday trading in Amsterdam after the announcement, according to the report.