Citigroup has taken control of U.K. music company, EMI Group, from Guy Hands, Reuters reports. The U.S. lender, which funded Hands’ takeover of EMI in 2007, will own all of the London-based company after the debt-for-equity swap, adds Bloomberg.
The deal will reduce EMI’s debt from £3.4 billion to £1.2 billion and the company has in excess of £300 million of cash available. EMI Group will continue under the same management and it is now completely separate from its previous owner, Terra Firma.
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