Sony closes on $ 2.2 bn acquisition of EMI

NEW YORK: A group led by Sony has closed on a $2.2 billion acquisition of British music company EMI Music Publishing from Citigroup.
The closing comes after the US Federal Trade Commission cleared the deal yesterday morning. The deal was cleared by EU regulators in April, with some conditions.
Besides Sony, the buyers include the Michael Jackson estate and several investment funds including United Arab Emirates government-backed fund Mubadala Development Co.
EMI's publishing arm manages the rights to songs of popular artists such as Amy Winehouse, Regina Spektor and Rihanna.
Universal Music Group has a pending deal to buy the rest of EMI.
Citigroup had foreclosed on private-equity firm Terra Firma, which bought the music company in 2007.