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Terra Firma to divulge EMI plans.
Terra Firma will reveal its grand gameplan for EMI in early 2008 as it looks to "sell down" between #200-300m of the #1.5bn equity it has tied up in the major.
The private equity firm is currently undergoing a detailed review of the music major and is concurrently approaching some - sources suggest as many as 50 - of the many financial partners that invested in its vehicle to buy EMI in August.
Partners with co-investment rights can now take a direct stake in EMI, but it will necessitate them paying the private equity company for that right. Insiders suggest Terra Firma, which paid #2.4bn for EMI could, therefore, reduce its own exposure in the company to around #1.1bn. It is expected it will approach the investors between now and Christmas.
In a letter to EMI staff last week, Terra Firma CEO Guy Hands played down the significance of this move, noting, "In all major private equity deals, equity is sold by private equity managers to their investors and other private equity firms. Indeed, Terra Firma has done this on all previous deals and it is something we proactively market to our investors."
Hands, who has previously reassured staff that he would not partner with another major, such as long-time suitor Warner Music, is now partway through his fundamental review of the business in partnership with EMI Group chief operating officer Chris Roling and director of business transformation Ashley Unwin.
According to a Terra Firma spokesman, "anything and everything" will be included in the review, which was signalled in late August when Hands pledged his commitment to EMI for at least the next eight years. Insiders also say that the way EMI currently operates in the ...
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