MUMBAI: After clearance of US Federal Trade Commission, a group led by Sony Corp has closed on the acquisition deal of British music company EMI Music Publishing from Citigroup for $2.2 billion.
The deal was cleared by EU regulators in April, with some conditions. Besides Sony, the buyers include Michael Jackson estate Sony ATV and several investment funds like United Arab Emirates and government-backed fund Mubadala Development Co.
Sony in partnership with Michael Jackson estate will manage the EMI catalogue, which enlists popular artists like Kanye West, Rihanna, Amy Winehouse, Regina Spektor and Norah Jones. The entity's number one market share is about 31 percent, compared to 22 percent for Universal Music Publishing Group.
Universal Music Group has also offered to buy the rest of EMI for $1.9 billion. The offer is pending and awaiting the clearance by European and US regulators.
Citigroup had foreclosed on private-equity firm Terra Firma, which bought the EMI Music Publishing in 2007.