VALENCIA, Spain (CelebrityAccess) — Spanish festival giant The Music Republic has reportedly been acquired by the U.S. private equity fund Providence Equity Partners through their British live events and festival company, Superstruct Entertainment.
According to Spain’s El Confidencial, sources close to the negotiations report that the deal was valued at roughly 120 million euros.
Founded by brothers David and Toño Sánchez, Music Republic is behind such popular festival brands as the Festival de les Arts, FIB, Bahia Sound, Interstellar Seville, and Viña Rock.
The company also operates a booking and talent management division, as well as a creative agency.
Following the purchase, the company’s founders will continue in their current leadership roles, retaining “full control and power in decision-making,” according to El Confidencial.
