Citigroup, Inc. (NYSE:C)
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French media conglomerate Vivendi SA's (VIVEF, VIV.FR) Universal Music Group confirmed Friday it will buy EMI Group's recorded music unit for GBP1.2 billion from Citigroup Inc. (C).
Vivendi will finance the transaction from its existing credit lines. Concurrently, Vivendi and Universal will also sell EUR500 million worth of non-core Universal assets, the French company said.
"We are confident that we will be able to create additional value for our shareholders thanks to our knowledge of the industry and our proven track record of successful integration," Vivendi Chief Executive Jean-Bernard Levy said.
Stephen Folk, Citigroup vice chairman and chairman of the board of EMI Group, said the transaction maximizes the value of EMI.
-By William Horobin, Dow Jones Newswires; +33 1 4017 1737; email@example.com