Music publisher Chrysalis has accepted a joint cash offer from KKR and Bertelsmann in a deal that values the company at £107.4 million.
Music publisher Chrysalis has accepted a joint cash offer from Kohlberg Kravis Roberts (KKR) and German media group Bertelsmann in a deal that values the British company at £107.4 million.
Shareholders in Chrysalis, which owns the rights to music by Blondie, David Bowie and Elvis Presley, will receive 160 pence in cash for each share held – a premium of 45.5 per cent to the closing price on October 29 this year.
BMG Luxco, a joint venture by KKR and Bertelsmann, will acquire the music company.
BMG chief executive officer Hartwig Masuch says: ‘The acquisition of Chrysalis represents an important step forward in our strategy as we build a major, global music rights business.’
Based in London, Chrysalis specialises in music publishing, copyright ownership, artist management and entertainment product distribution.
Chris Wright, chairman and co-founder of Chrysalis, said: ‘The deal marks the end of one era and the start of another for Chrysalis, a company which has been at the heart of the music industry since I founded it jointly with my original partner, Terry Ellis, more than four decades ago.’
