Citigroup takes over EMI from Terra Firma

The investor acquired the company in 2007 following a £4.2bn takeover that was supported by a £2.6bn debt facility provided by Citibank. The deal was taken to court last year as Terra Firma's Guy Hands claimed that Citigroup had withheld information about a rival bidder, leading to Terra Firma overpaying for the company. The New York judged dismissed the case; however, Guy Hands has appealed the decision.

The deal sees EMI's debt being reduced by 65% from £3.4bn to £1.2bn. Terra Firma is expected to have lost approximately £1.75bn from the investment.

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Viktor Lundvall on +44 20 7004 7476 or viktor.lundvall@incisivemedia.com

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