(By Balachander) Warner Music Group Corp. (WMG) has agreed to acquire the Parlophone Label Group from rival Vivendi SA's Universal Music Group (UMG) for roughly $765 million in cash.
Parlophone was formerly a part of the British record label group EMI Music.
The sale by UMG follows the European Commission's approval of UMG's acquisition of EMI Recorded Music for 1.2 billion pounds in September 2012.
The Parlophone Label consists of the Parlophone and Chrysalis labels and artists include Air, Coldplay, David Guetta, Iron Maiden, Danger Mouse and Daft Punk, among others.
"This is a very important milestone for Warner Music, reflecting our commitment to artist development by strengthening our worldwide roster, global footprint and executive talent," commented Len Blavatnik, Chairman and founder of Access Industries.
Warner Music is an Access Industries company.
UMG and Vivendi were advised by Goldman Sachs and Bank of America Merrill Lynch on financial matters.
The deal is expected to be completed mid-year 2013.