Live Nation Acquires UK's AMG
March 30, 2007 at 6:52 AM (PT)
LIVE NATION INC. and GAIETY INVESTMENTS have together completed the acquisition of a 56% interest in ACADEMY MUSIC HOLDINGS LIMITED (AMG) from RJD PARTNERS. AMG owns and operates 12 live music venues which annually host over 2,500 events attracting 3+ million fans. AMG's portfolio includes some of the UK's most successful music venues. In addition, AMG is expected to continue its rollout of music venues throughout the UK.
The acquisition of AMG substantially accelerates LIVE NATION's UK music venue strategy and builds on its already strong partnership with GAIETY, with whom it already owns MEAN FIDDLER HOLDINGS, the company behind the successful READING and LEEDS and LATITUDE festivals.
"AMG has one of the strongest live music venue brands in the UK," said LIVE NATION CEO MICHAEL RAPINO. "The venues that we are acquiring are among the best in the world. The acquisition of AMG will enable us to grow our UK venue network with a brand that music fans know and love."
The transaction values AMG at $114 million, including the assumption of $56.9 million of bank debt and third-party shareholder loans.