Universal’s £1.9bn acquisition of fellow major label EMI has been fully approved by regulators in New Zealand, Music Week can reveal.
The New Zealand Commerce Commission today (June 21) notified Universal that they had given the nod to the deal – becoming the first jurisdiction in the world to do so.
A Universal spokesperson said: “The NZCC undertook a very thorough investigative process under chairman Dr Mark Berry, working with our legal team and with Universal Music New Zealand managing director Adam Holt.”
Music Week understands the acquisition faced fierce opposition in the territory from the likes of Warner and other market competitors.
The news arrives on the day of Universal’s US Senate hearing over the proposed deal, where Universal chief Lucian Grainge will appear.
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