Universal Music Group N.V. (ENXTAM:UMG) and Dundee Partners LLP agreed to acquire an unknown majority stake in Chord Music Partners, L.P. from KKR & Co. Inc. (NYSE:KKR) on February 20, 2024. The deal values Chord at $1.85 billion.

UMG will acquire a 25.8% interest in Chord Music Partners for $240 million. KKR will exit Chord upon completion of the transaction, with the Dundee consortium and UMG owning 74.2% and 25.8% respectively. UMG was advised by Goldman Sachs, Keri Schick Norton, Jimin He, Peter Martelli, Seth Traxler, Shellie Freedman and Rory Wellever of Kirkland & Ellis LLP and Freshfields.

DLA Piper and Axinn, Veltrop & Harkrider LLP served as legal advisors to Dundee. Fifth Third Bank, National Association served as financial advisor and provided committed financing to Dundee and UMG. The Raine Group served as exclusive financial advisor and Manatt, Phelps and Phillips, LLP served as legal advisor to Chord Music Partners.

Justin Hamill, Jonathan Solomon, Julian Azran, Katharine Moir, Katherine Rocco, Jonathan West, Paul Iannicelli, Kevin Fingeret, Manu Gayatrinath, and Christopher Clark of Latham & Watkins LLP. served as legal counsel to KKR.