Stay Nation Set to Purchase 51% of OCESA, Mexico’s Largest Live performance Promoter
Stay Nation is positioned to accumulate 51% of OCESA Entretenimiento — Mexico’s largest live performance promoter — for $444 Million.
OCESA will not be solely a significant participant in Latin America’s reside occasions trade 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 because of the 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 12 months 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 by way of press launch:
After serving as Stay Nation’s touring, competition, and ticketing companion in Mexico for years, we all know OCESA is a stellar enterprise with deep roots in reside leisure in Mexico. Alex has constructed a exceptional firm and as we proceed to construct on the return to reside, OCESA will play a pivotal function in placing collectively many unimaginable reveals in Mexico and the remainder of Latin America.
The deal is predicted to shut later this 12 months, although it’s topic to regulatory approval.
H/T: Variety | Supply: Live Nation