Live Nation has signed a deal to acquire a controlling interest in OCESA Entretenimiento, one of the leading concert promoters in Latin America. OCESA promotes more than 3,100 events for nearly 6 million fans each year in Mexico and Colombia.
The company also has successful ticketing, sponsorship, food, merchandise and venue divisions with a portfolio of 14 buildings across Mexico and collective capacity of nearly 250,000 seats.
OCESA operates Ticketmaster Mexico, one of the leading event ticketing platforms in the country with more than 37 million tickets sold annually. As part of the deal, Live Nation will acquire a stake in OcesaSeitrack, OCESA’s booking, and artist management joint venture; CREA, a special and corporate event producer; and Centro Citibanamex, an exhibition and convention center in Mexico City.
Following the merger, Soberón Kuri will serve as CEO and sit on the board of the newly-formed joint venture. Rapino will become Chairman of the venture’s board of directors.
“OCESA has been Live Nation’s touring, festival, and ticketing partner in Mexico for years, and I admire the business Alex has built,” said Michael Rapino, President and CEO, Live Nation Entertainment. “This next step is a logical extension for both our teams, and we look forward to working on many more shows together.”
“We are extremely proud to join Live Nation,” added Alejandro Soberón Kuri, President, and CEO of CIE. “This evolution of our long-standing relationship with Live Nation gives us a unique opportunity to continue OCESA´s 30-year contribution to the development of the Mexican live entertainment industry. In addition, this will further foster CIE´s commitment to the promotion of Mexican artistic talent abroad.”
The acquisition has already been approved by the boards of directors of Live Nation, CIE, and Televisa but is still subject to regulatory scrutiny and other various closing conditions. Live Nation said it expects the transaction to close by the end of 2019.
LionTree Advisors is serving as financial advisor to Live Nation in connection with the transaction.