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Citigroup Acquires EMI, Cuts $3.6B In Debt

Law360 (February 1, 2011, 8:16 PM EST) -- Citigroup Inc. took over EMI Group Ltd. on Tuesday in a deal that will cut the music company's debt by 65 percent and wrest control of the label from British private equity firm Terra Firma Capital Partners Ltd.

Citigroup went ahead with a debt-for-equity swap that slashed EMI's debt from £3.4 billion ($5.5 billion) to £1.2 billion ($1.9 billion) and provided an infusion of £300 million ($484 million) in cash, the music company said in a statement.

Terra Firma, headed up by British financier Guy Hands,...
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