BRUSSELS, Feb 13 (KUNA) -- The European Union on Friday approved Universal Music's acquisition of the US-based Downtown Music for USD 775 million on condition that Downtown's royalty accounting platform known as 'Curve' is fully divested.
In a statement, the European Commission, which is responsible for competition and antitrust regulation in the EU, said the deal can proceed if there is a "full divestment of the Curve platform," which would prevent Universal Music from accessing commercially sensitive data belonging to its rivals and stored on the platform.
The Commission added that this measure would "fully address competition concerns" and ensure a level playing field in the EU music services market.
For its part, Virgin Music, the Universal Music unit that will take over Downtown, welcomed the Commission's decision, as did Downtown itself, saying that it allows the deal to go ahead while preserving fair competition requirements in the European market. (end) arn.hb