Vivendi's Universal Music unit said on Friday it was buying British rival EMI Group's recorded music business from Citigroup in a 1.2 billion-pound ($1.9 billion) deal that will give it control over EMI's artists.

Vivendi will finance the transaction from its existing credit lines, the company said in a statement. Universal Music will also sell 500 million euros' ($679.3 million) worth of non-core assets.

The transaction has been approved by both the management and supervisory boards of Vivendi. Closing of the agreement remains subject to a number of conditions, including the approval of regulatory authorities, the company said.

($1 = 0.630 British Pounds)

($1 = 0.736 Euros)

(Reporting By Lionel Laurent; Editing by Will Waterman)

Citigroup