LONDON (CelebrityAccess MediaWire) — British music/electronics retailer HMV Group announced that they have cleared regulatory and financing hurdles to finalized the sale of the Hammersmith Apollo in London.
HMV had agreed at the end of May to sell the iconic venue to Stage C ltd., a partnership between AEG and German ticketing company CTS Eventim in a deal worth $50 million.
HMV pursued the divestiture, along with the planned sale of a other assets, including other venues and festivals in its MAMA Group in an effort to pay down HMV's substantial debt burden.
"The Hammersmith Apollo is an iconic London venue and it has been a privilege to own it over the last three years. However the sale will enable HMV to extend its bank facilities, strengthen its capital structure and ensure a strong future for the group," said Simon Fox, then HMV"s CEO, when the deal was announced in May, 2012. – CelebrityAccess Staff Writers
