UNIVERSAL Music has agreed a deal with Citigroup to acquire the recorded music unit of British record label EMI in a 1.2b deal. Universal was the only bidder remaining for EMIs recorded music division, the home of Katy Perry, Coldplay, The Beatles and Pink Floyd, after previous favourite Warner Music pulled out of the running. Reports have suggested that the other half of EMIs business - the lucrative music publishing division - will be sold to a Sony-led consortium for in excess of $2b. Citigroup took control of the 114-year-old EMI Group in February after previous owner, Guy Handss Terra Firma private equity vehicle, could no longer support the labels debts and failed a solvency test. EMIs labels include Blue Note, Capitol, Parlophone and Virgin Records. DS