Bill Ackman, founder and CEO of Pershing Square Capital Management.

Adam Jeffery | CNBC

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Billionaire investor Bill Ackman is closing in on a deal to take Universal Music public in the largest special purpose acquisition company deal ever, a source told CNBC on Thursday.

The SPAC merger would be the largest ever, valuing Universal Music at roughly $40 billion, the source said. This knocks Southeast Asia’s ride-hailing giant Grab’s SPAC merger with Altimeter Growth Corp. out of first place, a deal that values the company at $39.6 billion.

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