Universal Music Group is set to complete the acquisition of European indie label group [PIAS] and all its subsidiaries. Founded in 1983 by CEO Kenny Gates and co-founder Michel Lambot, it has become one of Europe’s largest independent label companies. UMG acquired 49% share of the company in 2022, but has now become the major shareholder following the new deal.

As Billboard reports, Gates is still retaining his position as CEO, and claims that they will remain autonomous: “I am selling my shares, not my soul,” he said. “Since agreeing [to] a strategic alliance with UMG in 2021 we have found them to be supportive and engaged partners who have added real value to our offering.”

[PIAS] Label Group includes Play It Again Sam, Spinefarm, and harmonia mundi, as well as partner labels such as Mute, Heavenly, and Transgressive (SOPHIE, Black Country, New Road). The deal involves the merger of Virgin Music Group and PIAS’ services division (Integral), “which provides physical and digital distribution services to more than 100 indie label partners including ATO, Beggars Group and Secretly Group.”

Although Lambot had “some concerns” about the partnership with UMG in 2021, he eventually changed his mind:

“Our relationship to date has been fruitful, convivial and everything we hoped it would it be. This new phase, which will see us working even closer together promises to be an exciting new era for [PIAS], our staff, our partners and the artists we represent.”

Fred Durst recently sued UMG for over $200m in unpaid royalties to Limp Bizkit.