Terra Firma Takes EMI Private

Private equity firm Terra Firma said Wednesday it has succeeded in its takeover of music company EMI Group PLC, garnering the 90 percent of shares needed to let it force out minority shareholders.

Terra Firma said it had accumulated acceptances representing 90.27 percent of the company.

Britain’s Competition Commission had granted EMI until 1 p.m. local time (1200 GMT) Wednesday to reach the 90 percent level, above which it is able to forcibly buy the remaining shares.

EMI shares rose 2.4 percent to 260 pence (US$5.29; euro3.86) on the London Stock Exchange.