Billionaire hedge fund investor and Universal Music Group director Bill Ackman is a step closer to de-listing his Pershing Square Holdings from the Euronext Amsterdam exchange, a move that Ackman — whose Pershing Square company has owned around 10% of stock in the Universal Music Group since 2021 — has advocated for UMG to do, too.

The Euronext Amsterdam approved a plan for Pershing Square Holdings to de-list, with the closed-end fund’s last day of trading to be Jan. 30. The investment vehicle will consolidate trading of its shares on the London Stock Exchange, where it was co-listed in 2017 and where the majority of its trading happens.

Ackman and his family own more than 20% of the fund, and in November he advocated for moving the fund and UMG’s listing from the main Netherlands’ stock exchange after fans of an Israeli soccer team were attacked in early November in Amsterdam.

UMG said at the time that it will review and decide what is in the best interests of all shareholders.

In a separate announcement on Thursday, Pershing Square said it distributed around 47 million shares of Universal Music Group stock, or roughly 2.6% of its overall stake, to investors as part of a planned wind-down of one of the funds Pershing Square initially used to purchase UMG shares from Vivendi in September 2021.

Pershing Square, which managed the closed-end fund called PSVII, said it decided to distribute, rather than cash out, the UMG stock “because we believe that UMG stock is substantially undervalued at its current share price, and the tax-free stock distribution enables our limited partners to continue to own UMG shares.”

Pershing Square continues to own around 140 million shares, equal to a 7.6% stake in UMG, through its core funds — Pershing Square Holdings, Ltd., Pershing Square, L.P. and Pershing Square International, Ltd. — Bill Ackman, Pershing Square employees and other affiliates, according to a company statement. UMG is still Pershing Square’s largest single holding.

As of Dec. 31, Pershing Square said UMG has had a total return of “46% including dividends over the approximately three-and-one-quarter-year life of the investment.” The company said that is better than “the S&P 500’s 37% return and the Amsterdam Exchange Index’s return of 21% over the same period.”