Stay Nation is positioned to amass 51% of OCESA Entretenimiento — Mexico’s largest live performance promoter — for $444 Million.
OCESA isn’t solely a serious participant in Latin America’s stay occasions business because the proprietor of Ticketmaster Mexico, but in addition owns and multimedia firm Grupo Televisa. The corporate works with EDC Mexico and past.
The acquisition was first introduced in mid-2019, however was delayed as a result of pandemic. In that point, the value has dropped from a reported $480 million to $444 million.
Per the announcement, “OCESA promotes greater than 3,100 occasions for practically 6 million followers in a typical yr throughout Mexico and Colombia and has a sturdy enterprise portfolio in ticketing, sponsorship, meals & beverage, merchandise, and venue operation with 13 premier venues throughout Mexico with a collective capability of practically 250,000 seats.”
Michael Rapino, President and CEO, Stay Nation Leisure states through press launch:
After serving as Stay Nation’s touring, competition, and ticketing accomplice in Mexico for years, we all know OCESA is a stellar enterprise with deep roots in stay leisure in Mexico. Alex has constructed a exceptional firm and as we proceed to construct on the return to stay, OCESA will play a pivotal position in placing collectively many unimaginable reveals in Mexico and the remainder of Latin America.
The deal is anticipated to shut later this yr, although it’s topic to regulatory approval.