Guy Hands, one of Britain's highest profile financiers, has stepped down as chairman of Terra Firma Capital Partners, the private equity firm he founded, after more than two decades in the role.

Terra Firma will pay 105 million pounds ($155.4 million) into EMI to prevent the troubled British music group's lender Citigroup from taking control, a person familiar with the situation said.

At midday Wednesday, Terra Firma said that 90.3% of EMI shareholders had accepted its offer of £2.4 billion ($4.9 billion), or 265 pence ($5.38) per share, for the company.

Net proceeds to Terra Firma of the first closing, totaling $20,300,000, will be used to recapitalize the Company’s balance sheet, providing it with fresh capital for new investments.

REPORT: TERRA FIRMA OKs FUTURE FUNDS — A report says Terra Firma has approved a resolution on June 10 that would allow it to inject another £500 million ($759 million) into EMI Music.