Music to its ears: Universal to buy music giant EMI
UNIVERSAL Music Group is to buy EMI from US bank Citigroup for €1.4bn.
EMI - which includes The Beatles and Coldplay in its stable - was seized by its main creditor Citigroup in February from its private equity owners.
"We believe that this transaction accomplishes Citi's objective of maximising the value of EMI," said Stephen Volk, EMI Group chairman and Citigourp vice-chairman.
The deal also gives EMI Music a partner "that appreciates EMI's rich cultural legacy, its incredible stable of musical talent and its employees".
Vivendi - the French parent company ofUniversal - said it would finance the deal from its existing credit lines and that €500m worth of non-core assets of Universal Music Group would be sold.