A wholly owned subsidiary of Citigroup is selling music company EMI Group. An investor group led by Sony Corp. of America will be acquiring EMI Music Publishing for $2.2 billion. EMI’s recorded music business will be taken over by French media conglomerate Vivendi’s Universal Music Group for $1.9 billion, adds Financial Times.
On the deal, Citi Global Banking was financial adviser to Citi and EMI. The Raine Group, Peter J. Solomon Co., UBS Investment Bank and Guggenheim Securities acted as financial advisers to the Sony-led consortium.
Click here for the release from Citigroup.
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