Olswang has advised long-standing client Warner Music Group Corp. (WMG), an Access Industries company, on its acquisition of Parlophone Label Group from Universal Music Group, a subsidiary of Vivendi, for £487 million (around $765 million) in an all-cash transaction. 

The Parlophone Label Group is comprised of the historic Parlophone label and Chrysalis and Ensign labels, as well as EMI's recorded music operations in Belgium, Czech Republic, Denmark, France, Norway, Portugal, Spain, Slovakia and Sweden.  Parlophone's artist roster and catalogue of recordings include, among many others, Air, Coldplay, Daft Punk, David Guetta, Deep Purple, Duran Duran, Edith Piaf, Iron Maiden, Jethro Tull, Kylie Minogue, Maria Callas, Pink Floyd, Radiohead, Shirley Bassey and Tina Turner.

Warner Music Group 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 mid-year 2013, subject to certain regulatory approvals and, as far as the French entities are concerned, after the consultation procedure with employee representatives.

Paul Robinson, Executive Vice President and General Counsel, WMG said: "It was crucial for Warner to have legal support from a firm who could deal with the complexity of the matter and call on a cross-border network of expertise like Olswang. Stephen Hermer led a very impressive team which combined Olswang's M&A skills with an in-depth understanding of our business and we are extremely pleased with the results they achieved."

Stephen Hermer, Partner in the Corporate Group at Olswang, commented: "We are delighted that we were able to help Warner in this all-important transaction, which will change the music industry for the better. The regulatory and competition implications, together with the complexity of a business with operations in several European countries, made the success of the transaction truly rewarding."

The Olswang team was led by Corporate Partner, Stephen Hermer, who 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.

http://www.olswang.com/news/2013/02/olswang-advises-warner-music-on-%C2…