Citigroup Acquires EMI

Citigroup has acquired 100 percent of EMI Music and has completed a recapitalization of the company, reducing EMI’s debt 65 percent from $5.5 billion to $1.9 billion, and giving the company more than $485 million in available cash. “The recapitalization of EMI by Citi is an extremely positive step for the company,” said EMI Chief Executive Roger Faxon. “It has given us one of the most robust balance sheets in the industry with a modest level of debt and substantial liquidity.” EMI’s current management team remains in place. (via Grammy.com)

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