Citi Successfully Completes Sale of EMI Music
NEW YORK--(BUSINESS WIRE)-- Citi (C) today announced the successful completion of the sale of EMI Groups recorded music division, EMI Music, to Vivendi and its subsidiary, Universal Music Group. Citi received total consideration of £1.2 billion for EMI Music, which operates around the world and represents artists spanning all musical tastes and genres through record labels including Angel, Astralwerks, Blue Note, Capitol, Capitol Latin, Capitol Records Nashville, EMI Classics, EMI CMG, EMI Records, EMI Records Nashville, Manhattan, Parlophone, Virgin Classics and Virgin Records.
We are grateful to Roger Faxon, his management team and the EMI staff for the remarkable success of this business during Citis ownership, stated Stephen Volk, Chairman of the Board of EMI Group Global Limited and Vice Chairman of Citigroup.
Citi's Corporate and Investment Bank advised Citi and EMI Group on this transaction. Clifford Chance LLP, Shearman & Sterling LLP and Freshfields Bruckhaus Deringer LLP acted as legal advisors to Citi and EMI.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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Danielle Romero-Apsilos, New York
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Jeffrey French, London
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Source: CitiCopyright Business Wire 2012