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

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.