Citigroup has sold EMI Group’s £1.5bn pension fund to the Pension Insurance Corporation. It is the largest ever pension insurance buyout in UK history.
EMI’s pension fund was retained by Citi as part of the terms of EMI’s 2011 sale - in which its recorded music division was acquired by Universal Music Group and its publishing division went to Sony/ATV.
The bank has held the pension fund since then but has now agreed to sell to PIC in a deal ...
Register for a Music Week trial to access this article. Sign up today and you will receive: