(CelebrityAccess) — Dutch dance promoter and entertainment company ID&T has been acquired by Superstruct, the British festival company behind events such as Sziget in Hungary.
ID&T produces a slate of dance music festivals that include Defqon.1, Mysteryland, Milkshake and Thunderdome as well as several dance music record labels.
“We are proud to announce today that we have joined forces with Superstruct Entertainment. Superstruct operates on a global level and is a leading player in the live entertainment industry. The collaboration offers us the opportunity to use an extensive international network of leading festivals, such as Sziget, Elrow, Parookaville, Wacken Open Air, Sonar and Zwarte Cross. We see great opportunities to share our expertise and create synergy between the two companies, in order to optimize the fan experience at our festivals. Although we are still going through a difficult time with the event industry, this collaboration gives us a lot of confidence in the future,” a rep for ID&T said in a statement published on Thursday.
The financial details of the transaction were not disclosed, but the Financial Times reported that the deal was valued between $150 and $200 million.
Both companies in the transaction are backed by private equity. Private equity giant Providence Capital Partners will acquire Superstruct from American investor Axar Capital, who acquired ID&T in 2016 following the SFXi bankruptcy.