Olswang has advised Warner Music Group Corp (WMG) on its acquisition of Parlophone Label Group from Universal Music Group for £487m in an all-cash transaction.
Parlophone Label Group is comprised of the Parlophone, Chrysalis and Ensign labels. Its artist roster and catalogue of recordings include Coldplay, Daft Punk, Iron Maiden and Kylie Minogue, among others.
WMG has obtained commitments to finance this transaction through a new term loan facility provided through Credit Suisse, Barclays, UBS, Macquarie and Nomura.
The closing of the transaction is expected to occur in mid-2013, subject to certain regulatory approvals and after the consultation procedure with employee representatives.
Stephen Hermer, partner in Olswang’s corporate group, led the team and was assisted by Yasmine Meeajun, Rob Willis, Vanina Paolaggi and Carsten Greve (corporate), Stephen Hignett and Mark Spinney (tax), David Zeffman, Anna Soilleux and Alice Himsworth (MCT/commercial) and other members of the firm.