Citigroup Has Acquired 100% of EMI
Citigroup has announced that they have acquired 100% of EMI, and swiftly recapitalised the music group to slash its debt from £3.4 billion to £1.2 billion, with £300 million of cash now available for investment.
All this came after the administrator (PricewaterhouseCoopers) was appointed. The administrators promptly announced the sale of EMI to Citigroup.
EMI’s senior management remains in place, with CEO Roger Faxon hailing the news. “The recapitalisation of EMI by Citi is an extremely positive step for the company. It has given us one of the most robust balance sheets in the industry with a modest level of debt and substantial liquidity. With that solid footing, we are confident in our ability to drive our business forward.”
Will Citigroup now split and sell EMI to other music services? Possibly Warner Music?
