Canada Approves UMG-EMI Deal
August 20, 2012 at 3:55 PM (PT)
You can add CANADA to the list of regulators that have approved UNIVERSAL MUSIC GROUP's $1.9 billion purchase of EMI MUSIC, reports CHRIS MORRIS of VARIETY. NEW ZEALAND and JAPAN have previously approved the deal, while it is still under consideration in EUROPE and the U.S.
CANADA's COMPETITION BUREAU notified UMG via a letter on FRIDAY. "We are pleased that the CANADIAN COMPETITION BUREAU has cleared UNIVERSAL MUSIC's proposed acquisition of EMI with no objections," the label group said in a statement. "This follows similar clearances in JAPAN and NEW ZEALAND. Our investment in EMI will create more opportunities for new and established artists, expand music output and consumer choice, and support new digital services. We welcome the BUREAU's decision and will continue to work closely with regulators in other jurisdictions to obtain further clearances."
The EUROPEAN COMMISSION is expected to rule on the sale by early SEPTEMBER, if not sooner. There is no timetable on the U.S.' FEDERAL TRADE COMMISSION.