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Vivendi SA Finalizes EMI acquisition By UMG With Sale Of Parlophone

Thursday, 7 Feb 2013 12:20pm EST 

Vivendi SA and its subsidiary Universal Music Group (UMG) announced a definitive agreement to sell Parlophone Label Group, a unit of EMI Recorded Music, to Warner Music Group for EUR487 million (around EUR570 million) in cash. The sale represents the main part of the application of the regulatory undertakings to the European Commission agreed on September 21, 2012, within the conditions it set forth. The acquisition of EMI Recorded Music reinforces UMG's position as the market share of some 30%. As a result, UMG enlarges its presence in some sixty countries, particularly in the three main international music markets: United States, Japan and Germany. It also strengthens its availability on all digital platforms. 

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0.51 +1.98%
3:04pm EDT