LISBON (CelebrityAccess) — North American promoter Live Nation seeks to acquire a majority stake in Portuguese promoter Ritmos e Blues and Arena Atlântico, the operator of Lisbon’s Altice Arena.
While Live Nation has not officially announced the acquisition, the company filed notice about the deal with Portugal’s competition regulator.
The deal, which was first reported by the Portuguese lanaguage newspaper Público, the notice says that Live Nation intends to acquire an indirect controlling stake in the company, which, since 2013, has operated Altice Arena through a consortium with Música no Coraçã.
The proposed acquisition is currently under consideration by Portuguese regulators and Live Nation did not immediately respond to a request for comment.
However, in a statement to IQ Magazine, the company said operations at the arena will continue under its current management team.
“Daily operations at the arena will continue to be led by their senior management team and the arena’s employees,” Live Nation told IQ. “The acquisition is expected to close later this year upon completion of customary closing conditions, including approval from Portugal’s competition authority.”
The deal expands on Live Nation’s existing partnership with Ritmos e Blues that was established in 2011 to promote live music events in Portugal.
The terms of the proposed transaction were not disclosed.
