Vivendi's Universal Music to sell Parlophone to Warner Music Universal Music Group, a fully owned subsidiary of Vivendi, announced that it has entered into a definitive agreement to sell Parlophone Label Group to Warner Music Group for GBP487M. This sale follows the approval of UMG's acquisition of EMI Recorded Music by the European Commission in September 2012. The closing of the Parlophone transaction is expected to occur later this year, following employee consultations in certain jurisdictions and subject to various regulatory approvals. Additional financial terms were not disclosed.
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