(CelebrityAccess) – Sony has officially completed its $4.75bn acquisition of EMI Music Publishing. EMP, which will now be merged into Sony/ATV, is expected to generate roughly $1.275 billion in revenue for the company.
European regulators greenlit the takeover back on October 26 in spite of much backlash from the European independent sector over the “excessive bargaining power” Sony would acquire through the deal.
Having previously acquired close to a 30% stake in EMP back in 2012, yesterday’s SEC filing reveals that Sony has now purchased the nearly 10% stake owned by the Jackson Estate for which it paid $287.5m, and the remaining 60% equity interest, which was acquired from a investor consortium led by Mubadala Investment Company, for a price tag of $2.3bn.
Sony has also assumed EMI’s existing interest-bearing debt of approximately $1.3bn as part of the acquisition. $960m of that was repaid immediately by Sony using company cash.