U.S. News

Private-Equity Group Permira Nears Takeover of EMI

By Insert Byline

U.K. music giant EMI Group looks set to be taken over by Permira Advisers, a private equity firm, according to people familiar with the matter, The Wall Street Journal reported Friday.

The deal has yet to be finalized and could fall through, but if it is completed it will be the latest in a recent boom of private equity firms purchasing high-profile public companies. The deal is thought to be worth about 2 billion pounds ($3.9 billion) according to people close to the deal, the Journal said.

Permira is thought to be the likely buyer by people familiar with the situation, the Journal reported, but it is unclear whether other private equity firms could join in the deal.

EMI shares are up 2% to 292.25 pence in morning trading, up slightly from the 289.5 pence level they hit following initial reports of the possible deal. EMI confirmed being approached but not the identity of the bidder or bidders.