EMI Sale May Fetch $2 Billion, Narrowly Covering Citigroup Debt
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EMI Group Ltd., seized by Citigroup Inc. after breaching loan covenants, may fetch about $2 billion in a sale, according to Needham & Co., narrowly covering its $1.94 billion debt.
The music company, taken private for $6 billion by Guy Hands’s Terra Firma Capital Partners in 2007, may sell for 12 to 14 times earnings before interest, taxes and depreciation and amortization, referred to as Ebitda, Laura Martin, an analyst at Needham in Pasadena, California, said today in an interview.