After recently securing approval to acquire Sanctuary, Five Eight Magazine reports that Universal Music Group is moving to acquire UK indie V2.

After recently securing approval to acquire Sanctuary, Five Eight Magazine reports that Universal Music Group is moving to acquire UK indie V2.

Suggestions are that the asking price could be £7m, but it will be subject to regulatory approval.

Morgan Stanley (who provided financing for the label) currently owns 95% of the indie which Richard Branson set up in 1996 after selling the Virgin label to EMI.

V2 sold off its North American arm to Sheridan Square at the end of 2005.

Universal's parent company Vivendi was given approval to acquire BMG Music Publishing by the European Commission back in May.