EMI near $3.9 billion deal with investor group

updated 7:32 a.m. ET Dec. 8, 2006

NEW YORK - Music company EMI Group PLC was close to a deal last night to be acquired by European private-equity group Permira, the Wall Street Journal reported on its Web site on Friday, citing people familiar with the matter.

The paper added, however, that the transaction was not finalized last night and could still fall apart.

It said the situation remained fluid and it was unclear whether other private-equity groups would join Permira in the bid.

The WSJ said the value of the transaction was unclear, although some people familiar with the matter had placed it at about 2 billion pounds ($3.9 billion).

Last month, EMI said it had received a bid approach and a source familiar with the situation told Reuters that private equity firm Permira had made contact with the British music company.

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