Universal Music's proposed £1.2bn acquisition of EMI has been cleared by regulators in Canada.
“We are pleased that the Canadian Competition Bureau has cleared Universal Music’s proposed acquisition of EMI with no objections," a UMG spokesperson told Music Week tonight.
"Our investment in EMI will create more opportunities for new and established artists, expand music output and consumer choice, and support new digital services. We welcome the Bureau’s decision and will continue to work closely with regulators in other jurisdictions to obtain further clearances.”
The proposed buyout of EMI is currently being weighed up by regulators in the US and Europe.
Universal has proposed a package of divestment to the EC which it believes brings it under the critical market power needed for the deal to be approved.
Competitors and companies who oppose the deal have been invited to scrutinise these divestments, which include Parlophone in the UK (minus The Beatles), the Pink Floyd catalogue, EMI Classics and David Guetta's recently signed contract.