The acquisition, which means that the UK no longer has a major music label, came as a surprise; most experts were predicting an announcement in June when EMI-owners Terra Firma were expected to default on a debt covenant agreed in March.

Citi immediately announced a recapitalisation of the company, reducing the company's debts by 65%, from £3.4bn to £1.2bn.

Citi said the new capital structure meant EMI now had the financial strength and flexibility to deliver on its stated strategic ...