Warner Music sold to Len Blavatnik for $3.3 billion

Len Blavatnik has agreed to buy Warner Music for $3.3 billion.

Blavatnik’s Access Industries won the auction to buy the world’s No. 3 music company for $8.25 a share, The Guardian reports. In addition to the purchase of the company, Access Industries will also assume Warner Music’s $2 billion in debt and provide about $1 billion in equity.

According to The Wall Street Journal, this purchase ends a three-month sale process which included as many as 10 bidders for the music company. The final bids in the third round of bidding were submitted on Monday by Access Industries and two private-equity groups.

Blavatnik comes into this purchase having gotten to know Warner Music very well in recent years. He has been a board member for four years, and, in 2007, he bought a $50 million townhouse in New York’s Upper East Side from Warner Music chief executive Edgar Bronfman.