* Parlophone sold for 487 mln pounds in cash
* Sale to satisfy EU regulators concerns over EMI deal
* Warner Music says has obtained new loan to fund deal
PARIS, Feb 7 Vivendi's Universal Music
Group (UMG) has agreed to sell one of EMI's most prized assets,
the Parlophone Label Group, to Warner Music for 487 million
pounds ($764.71 million) in cash, parent Vivendi said on
Universal, the world's largest recorded music company, had
to sell Parlophone, whose artists include Coldplay, Daft Punk
and the Pet Shop Boys, to satisfy EU regulators' concerns about
its $1.9 billion purchase of EMI's recorded music business.
Separately, Warner Music, which is owned by privately held
Access Industries Inc, said it had obtained commitments to
finance the transaction through a new loan provided through
Credit Suisse, Barclays, UBS, Macquarie and Nomura.
The Parlophone deal is expected to close mid-2013.
The Parlophone Label Group includes EMI's oldest label
Parlophone and the Chrysalis and Ensign Labels as well as EMI's
recorded music operations in Belgium, the Czech Republic,
Denmark, France, Norway, Portugal, Spain, Slovakia and Sweden.
LionTree Advisors was exclusive financial adviser to Warner
Music Group, while Olswang LLP and Debevoise & Plimpton LLP
served as legal counsel.
Universal Music Group had Goldman Sachs Group and Bank of
America Merrill Lynch as financial advisers, and Shearman &
Sterling LLP and SJ Berwin as legal advisers.
LionTree, a boutique advisory and investment business
launched last year by former senior UBS bankers Aryeh Bourkoff
and Ehren Stenzler, also advised Liberty Global on its $15.75
billion cash and stock acquisition of Virgin Media.