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Vivendi buying EMI from Citigroup for 1.2 bln stg
November 11, 2011 / 3:16 PM / 6 years ago

Vivendi buying EMI from Citigroup for 1.2 bln stg

PARIS, Nov 11 (Reuters) - Vivendi’s Universal Music unit said on Friday it was buying British rival EMI Group’s recorded music business from Citigroup in a 1.2 billion-pound ($1.9 billion) deal that will give it control over EMI’s artists.

Vivendi will finance the transaction from its existing credit lines, the company said in a statement. Universal Music will also sell 500 million euros’ ($679.3 million) worth of “non-core” assets.

The transaction has been approved by both the management and supervisory boards of Vivendi. Closing of the agreement remains subject to a number of conditions, including the approval of regulatory authorities, the company said.

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