Sony (SNE: Quote)-led investor consortium closed on its purchase of EMI Music Publishing from Citigroup (C: Quote). It offered $2.2 billion in November for EMI Music's publishing businesses.
The closing comes after the U.S. Federal Trade Commission approved the deal for the EMI Group unit on June 29. The deal was cleared by EU regulators in April, with some conditions.
UK-based EMI Group is one of the world's largest music companies, comprised of Music Publishing and Recorded Music divisions. Once a constituent of the FTSE 100 Index, EMI was taken over by Citi in February 2011 from private equity group Terra Firma Capital Partners, after EMI piled up debts of over $4 billion.
The buyers also include Sony/ATV, a joint venture of Sony Corp. of America and the Michael Jackson estate, Abu Dhabi-based Mubadala Development Co., Hong Kong-based Jynwel Capital Ltd., GSO Capital Partners and David Geffen.
Universal Music Group, Vivendi SA's (VIVEF.PK,VIV.L) music unit, has a pending deal to buy the remaining part of EMI, which was put up for sale by Citigroup last summer.
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by RTT Staff Writer
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