UMG completes acquisition of Vale


LONDON -- Universal Music Group said Thursday it has completed its acquisition of Spanish independent label Vale Music, after gaining the greenlight for the purchase by Spanish competition authorities and the government's Council of Ministers late last week.

UMG has acquired Vale Music from its founder, Ricardo Campoy for an undisclosed sum. Vale's roster of artists includes David Bisbal, Bustamente, Rosa and Chenoa. Bisbal's latest album, "Premonicion," is No. 1 in the Spanish charts, Universal said.

Vale Music will continue to operate as a separate company from its headquarters in Barcelona. Ricardo Campoy and his senior executives have "entered into long-term agreements to continue managing its day-to-day operations," UMG said in a statement.