BMG Rights Management plans to acquire Bug Music, a Los Angeles song publisher whose catalog includes hits like "What a Wonderful World" and "Under The Boardwalk." BMG Rights reached the deal with Bug Music's owner, private equity firm Spectrum Equity Investors. The deal values Bug Music at around $300 million, according to two people familiar with the process. BMG Rights is a joint venture of German media giant Bertelsmann and private equity firm KKR (KKR.N). The deal is expected to close in October.
Shares of KKR remained unchanged at $10.87. In the past year, the shares have traded as low as $10.01 and as high as $19.16. On average, 2103390 shares of KKR exchange hands on a given day and today's volume is recorded at 0.
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