UNIVERSAL MUSIC COMPLETES ACQUISTION OF SPAIN'S VALE MUSIC
LONDON/BARCELONA, October 26, 2006 – Universal Music Group has today completed its acquisition of Spain’s leading independent, Vale Music. This follows approval of the purchase by Spanish competition authorities and the government’s Council of Ministers on Oct. 20.
UMG has acquired Vale Music from its founder, Ricardo Campoy. The company’s roster of top recording artists includes David Bisbal, Bustamente, Rosa and Chenoa. Bisbal’s latest album, Premonición, is currently No. 1 in the Spanish charts.
Vale Music will continue to operate as a separate company from its headquarters in Barcelona. Ricardo Campoy and his senior executives have entered into long-term agreements to continue managing its day-to-day operations.