Bertelsmann and Great Mountain Partners have completed the combination of their music companies BMG and Concord, effective September 1, 2026. After the partners announced their plan at the end of April, all relevant competition authorities have approved the transaction.
As part of the combination of BMG and Concord, Bertelsmann is securing approximately €1.1 billion (US$1.25 billion) in equity capital through an agreement with asset manager Apollo, which is acquiring a minority interest in part of BMG’s rights portfolio. The additional equity capital will enable BMG to refinance and repay outstanding BMG/Concord ABS liabilities in the future. Goldman Sachs acted as financial advisor on the financing.
Latham & Watkins LLP represents Apollo in the transaction with a corporate team led by New York partners Justin Rosenberg, Julian Azran, and Gary Boss, with associate Abigail Keyes. Advice was also provided on tax matters by New York partner Bora Bozkurt, with associate Michael Yu; on private equity finance matters by Washington, D.C. partner Melissa Fabian, with associate Drew Weisberg; and on structured finance matters by New York partner Graeme Smyth and counsel Ed Comber.
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