Jan. 12 (Bloomberg) -- Terra Firma Capital Partners Ltd. failed to force the administrators of EMI Group to hand over documents about the sale of the music group to Citigroup Inc. in a deal that caused Terra Firma to lose about 1.85 billion pounds ($2.8 billion).
Units of Terra Firma, the private equity firm run by Guy Hands, sought the valuation documents from EMI’s administrators at PricewaterhouseCoopers LLP and its advisers because it had “serious concerns about the circumstances surrounding the sale,” Judge Nicholas Warren in London said in a ruling dated Jan. 5.
Warren rejected the application, saying Terra Firma had all the information it needed about the valuation of EMI.
Citigroup seized control of EMI in February after EMI failed to meet its debt obligations. In 2010, Hands sued Citigroup in the U.S., saying it had tricked him into buying the record label.
Terra Firma spokesman Andrew Dowler didn’t immediately return calls to comment. The Financial Times first reported the ruling earlier this week.
The case is in the Matter of Maltby Investments Ltd., High Court of Justice Chancery Division.
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