Universal Music Gets Regulatory Clearance for EMI Deal in Australia
Vivendi-owned Universal Music Group has received regulatory clearance in Australia for its proposed acquisition of EMI's recorded music business.
“We are pleased that the Australian Competition and Consumer Commission has cleared Universal Music’s proposed acquisition of EMI with no objections. This follows similar clearances in Japan, Canada and New Zealand," the music giant said in a statement.
"Our investment in EMI will create more opportunities for new and established artists, expand music output and consumer choice, and support new digital services," it added. "We welcome the Commission’s decision and are working closely with regulators in Europe and in the U.S. to obtain further clearances."
European and U.S. regulators are expected to announce their decisions on the music company's proposed $1.9 billion acquisition soon.
Analysts have focused most attention on European regulators, which were in extended negotiations with Vivendi and UMG executives this summer. Many expect that major concessions offered by the music giant will prove enough to secure conditional approval of the deal. The EU Commission must make its final decision known by Sept. 27.
Vivendi earlier this month made an initial $1.6 billion payment required under the EMI deal.