Brussels to spell out details of EMI's asset sell-off after takeover

City bankers are looking forward to a big auction of record label EMI's assets as its new owner, Universal Music, pays a "heavy price" to gain approval from Brussels for its £1.2bn takeover.

The European Commission will spell out details of the concessions it has wrung from Universal when regulators give their formal approval in an announcement expected today. According to the Wall Street Journal, Universal must agree to sell 60 per cent of EMI's businesses in Europe, measured by revenue.

This will include the Parlophone label, home of Coldplay and Katy Perry, and several other key subsidiaries such as Ensign and Mute, Virgin Classics and Chrysalis.

One person involved in the talks in Brussels was quoted as saying European approval "has come at a very heavy price for Universal".