Universal closes EMI deal

Universal Music has today Australian time been given regulatory approval to swallow EMI Music.

Prior to the deal, Universal was already the worlds biggest record company, and this deal will increase the size of the business significantly.

There are numerous conditions to the approval, including the selling off of a number of artists and labels. Universal has agreed to onsell some of their most popular artists; including Coldplay, Duran Duran, David Bowie and Pink Floyd. However it acquires artists such as Katy Perry, Robbie Williams, The Beatles and The Beach Boys.

Universal Music formally made an offer to purchase EMI from US bank Citigroup for $1.83 billion AUD in November last year. Citigroup had taken control after EMI's private equity investor Terra Firma hit turbulent times.

The deal is for EMI's recorded music, the publishing arm was sold in April to a consortium which included Sony Music for $2.1 billion AUD.