Universal Music to buy EMI group for $1.9B

AP News
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Posted: Nov 11, 2011 10:30 AM
Universal Music to buy EMI group for $1.9B

Vivendi SA's Universal Music Group has agreed to buy the recording division of British music company EMI Group Ltd. for 1.2 billion pounds ($1.9 billion).

The deal leaves Citigroup, EMI's owner, with liability for a pension plan worth about $600 million.

Citigroup had put the home of The Beatles, Coldplay and Katy Perry up for sale after foreclosing on private equity firm Terra Firma in February.