Universal Music Verifies $1.9 Billion Deal for EMI Recorded Music Unit

NY - Vivendi and it is Universal Group made things official on Friday, saying they've signed a definitive agreement to buy EMI's recorded music division from Citigroup for 1.2 billion pounds ($1.9 billion). Vivendi and UMG stated they'd sell 500 million pounds ($685 million) price of non-core UMG assets, but didn't detail which of them. EMI's recorded music division signifies such labels as Angel, Astralwerks, Blue Note, Capitol, Capitol Latin, Capitol Records Nashville, EMI Classics, EMI CMG, EMI Records, EMI Records Nashville, Manhattan, Parlophone, Virgin Classics and Virgin Records. "We're very proud to welcome EMI in to the Vivendi family," stated Vivendi Boss Jean-Bernard Levy. "We intend to acquire EMI's recorded music division on attractive terms, sticking to the principle of total financial discipline. We're certain that we'll have the ability to create additional value for the investors because of our understanding of the profession and our proven history of effective integration." Lucian Grainge, chairman & Boss of Universal Group, stated: "It is really an historic acquisition for UMG as well as an important part of protecting the legacy of EMI Music. For me personally, being an Englishman, EMI was the prominent music company which i was raised with. Its artists as well as their music provided the soundtrack to my teenage life. Therefore, UMG is devoted to both protecting EMI's cultural heritage and artistic diversity as well as trading in the artists the ones to develop the organization's assets for future years.Inch Closing from the deal is susceptible to numerous conditions, including home loan approvals of regulating government bodies within the nations and continents concerned. Email: Georg.Szalai@thr.com Twitter: @georgszalai Related Subjects Vivendi Universal Group EMI