Len Blavatnik's Access Industries Completes Warner Music Acquisition
Attention is now likely to turn to the sales process for fellow music major EMI.
NEW YORK - It's a done deal. Warner Music Group said Wednesday that Len Blavatnik's Access Industries has completed the acquisition of the music major.
It paid $8.25 per share in the deal valued at $3.3 billion.
Since the deal takes Warner Music private, the company’s common stock will be delisted from the New York Stock Exchange.
The sale was approved by the company’s stockholders at a special meeting earlier this month.
Attention will now turn to the auction of fellow music major EMI Group, which Citigroup has initiated. Blavatnik is seen as a key contender as a combination of Warner Music and EMI would provide opportunities for staff reductions and other cost cutting.