BMG Rights Management GmbH used Michael Davis of Davis Polk & Wardwell LLP for counsel on an agreement to combine with Concord Music Group announced on Tuesday, April 28.

BMG, a unit of Bertelsmann SE & Co., and Concord, a portfolio company of Great Mountain Partners, didn’t disclose the value of the deal. BMG will own about 67% of the combined company, while New Haven, Conn.-based private equity sponsor Great Mountain Partners will own a 33% stake and receive a one-time cash payment of $1.16 billion.

The companies expect to close the transaction in the second half of 2026, pending regulatory approvals. Bloomberg reported on Jan. 29 that the companies were in talks.

Davis advised Bertelsmann, a media, education and services conglomerate based in Gütersloh, Germany, on its $675 million purchase of the 25% stake in Penguin Random House LLC that it didn’t already own from Pearson plc in 2020; the formation of Sony BMG in 2004 and the sale of its 50% stake in the entity back to Sony Corp. of America in 2008 for $1.5 billion; and its investment in Afya Ltd. Bertelsman launched BMG after it sold its stake in Sony BMG.

Nadia S. Sager, Javier F. Stark and Shanta Chirravuri of Latham & Watkins LLP along with Stephen Sessa, Joshua Love and James R. Tandler of Reed Smith LLP were counsel to Concord Music Group, a Nashville-based independent music company that develops, manages and acquires sound recordings, music publishing and theatrical performance rights. JPMorgan Securities LLC gave financial advice to the target, where general counsel Amanda L. Molter is on the deal.

Molter practiced at Latham from 2007 to 2016, when she moved to Barings as assistant general counsel. She joined Concord in 2020.

David M. Grimes and Patrick Rowe of Alston & Bird LLP advised Great Mountain Partners. Grimes advised the sponsor on the 2023 creation of Vuelta Group, a European media platform, and on its subsequent acquisition of media production and distribution companies in the Nordics, Germany and other EU countries.

Editor’s note: The original version of this article was published April 29, 2026, on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a demo.