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Music business seals deal
A global firm has helped iconic music business Alberts retain its stake in the back catalogues of key songwriters upon being acquired by BMG.
Lara Bullock
Firm: Norton Rose Fulbright (Alberts)
Value: Undisclosed
Area: M&A
Key players: The Norton Rose Fulbright team was led by partner Ben Smits (pictured), with assistance from partners Frances Drummond and Nick Abrahams and associates Vianna Shing, Mitchell Kelly and Alyson Poole.
Deal significance: Music publishing and recording business Alberts has sold its music publishing business to German music company BMG.
The transaction was signed in July and has now been completed.
One of the key closing conditions was agreeing the terms on which the Albert family would retain its stake in the back catalogues of AC/DC and The Easybeats songwriters Harry Vanda, George Young and Stevie Wright. BMG will administer these assets on behalf of Alberts.
“While in some respects the sale of Alberts represents the end of era, we were very pleased to have helped the Alberts secure a good result through this sale,” Norton Rose Fulbright lead partner Mr Smits said.
Alberts CEO David Albert said in a statement: “This was a difficult decision to make, but as music grapples with its digital future, with new distribution models and the influence of global technology companies, we believe BMG is in the best position to take the business forward.”
He continued: “BMG has a global presence, an artist-friendly approach to business and a genuine desire to invest in and support the Australian music scene.”
