FRANKFURT, Germany (CelebrityAccess) — German concert and entertainment Deutsche Entertainment AG revealed plans to delist the company from the Frankfurt stock exchange and take the company private as part of a takeover offer by Christian Angermayer’s Apeiron Investment Group Ltd.
DEAG plans to retain its existing legal formulation as a stock corporation and all existing contracts with employees, service providers and artists shall remain in full force and effect through the process, the company said.
The takeover bid comes from Christian Angermayer’s Apeiron Investment Group Ltd., DEAG’s long-standing and largest single investor, who holds an 18% stake in the company. A subsidiary of Apeiron will offer shareholders cash, calculated according to the volume-weighted average share prices of the last three and the last six months as required by law for a delisting-takeover offer.
Other major investors, including Mike Novogratz, who holds approx. 14% of DEAG’s shares through his family office Galaxy Group Investments LLC, have agreed to the key parts of the deal, DEAG said.
“Despite the continuing uncertainties about the future of the live entertainment industry due to the ongoing restrictions, DEAG is pleased about the continuous support and trust of all members of the management board, the supervisory board, all managing directors, partners, co-shareholders and the current major shareholders who wish to continue to jointly pursue DEAG’s existing growth course in an unlisted environment of the company.”
Founded in Berlin in 1978 and traded publicly since 1998, DEAG produces rock, classical, jazz, family entertainment, as well as exhibitions. The company also operates e-commerce platforms including MyTicket and Gigantic.com which sold more than 5 million tickets to 4,000 events in 2019, both for its own shows and third-party promoters and venues.