Live Nation has agreed to revive its acquisition of a 51% stake in Mexican live firm OCESA Entretenimiento.
Originally announced in July 2019, the deal was put on hold due to the pandemic. However, it is now back on, with Live Nation agreeing to pay $8.8 billion pesos (approximately £320 million) to acquire a controlling stake in the company from its current owners CIE and Grupo Televisa.
Although the transaction previously secured regulator approval, it will have to go through that process for a second time, due to the delay. However, it is expected to clear that hurdle again, with the deal set to close late this year or early in 2022.
“We are extremely proud to finally join Live Nation”, says CIE CEO Alejandro Soberón Kuri. “This is a natural evolution of our long-standing relationship and it gives us a unique opportunity to continue OCESA’s 30 year contribution to the development of the Mexican live entertainment industry. Additionally, it will help us foster CIE’s commitment to the promotion of Mexican artistic talent abroad”.
“After serving as Live Nation’s touring, festival, and ticketing partner in Mexico for years, we know OCESA is a stellar business with deep roots in live entertainment in Mexico”, adds Live Nation CEO Michael Rapino. “Alex has built a remarkable company and as we continue to build on the return to live, OCESA will play a pivotal role in putting together many incredible shows in Mexico and the rest of Latin America”.
In a normal year, OCESA promotes around 3100 events in Mexico and Colombia. It also operates thirteen venues in Mexico and has interests in ticketing, sponsorship, food and drink, and merchandise.
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