EMI Records Sold To Terra Firma

EMI Music Group plc. – home to such artists as Coldplay and The Beatles - has been sold today (August 1st) to private equity company Terra Firma.

Terra Firma needed to convince at least 90% of EMI’s shareholders by today’s deadline. As the deadline struck at 1pm the private equity company had managed to acquire a 90.3% approval of EMI’s investors.

Under the deal, the company will now be able to purchase the rest of EMI’s shares to take total control.

The shares cost Terra Firma 265p each – valuing EMI without debts at £2.4 billion, reports the BBC.

The deadline between the two companies had been continually extended until today’s 'last chance' deadline was imposed on Monday.

Warner Music had been expected to land EMI before dropping out last month because any deal would have been subject to a lengthy European Commission approval process.