EMI Group – Agree to be Bought by Terra Firma for £3.2bn
Monday, May 21, 2007
UK music business EMI Group has agreed to be bought by private equity firm Terra Firma for £3.2bn including debt.
The group, whose artists include ROBBIE WILLIAMS and the BEATLES, has been the subject of bid speculation for the past year as its business has struggled.
It previously rejected a takeover bid from
The firm has seen sales decline dramatically in recent months and said on Thursday that it had made a £260m loss in the past year.
News of the bid sent EMI’s shares up 9%. But analysts said the move was likely to bring other bidders into the fray, potentially including Warner Music.
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