HAMBURG (CelebrityAccess) — CTS Eventim and the Federal Republic of Germany have agreed to a an arbitration settlement awarding the live events company damages EUR 243 million including interest in the wake of a failed joint venture to collect automobile tolls.
The joint venture, which was first awarded to CTS Eventim in 2018, came unraveled the following year when the European Union’s Court of Justice (ECJ) ruled that the toll scheme was a violation of the economic union’s laws.
In its latest ruling for CTS Eventim, the arbitration tribunal upheld a previous decision from March 2022 that awarded the joint venture, autoTicket GmbH and its shareholders, damages.
According to Eventim, the contract to collect tolls was estimated to be worth almost $2bn euros, including VAT, for the first 12 years for the joint venture.
