BREMEN, Germany (CelebrityAccess) — German promoter and entertainment company CTS Eventim announced that they will increase its holdings to represent a majority stake in Hamburg-based German concert promoter FKP Scorpio.
In a financial statement announcing the acquisition, the company said they increased their holdings in FKP from 45% to 50,2%, consolidating their control over the company. However, they cautioned that the deal was still subject to approval by the responsible antitrust authorities.
CTS Eventim said that they expected the transaction to increase their access to European music festivals, such as Hurricane, Southside, Highfield, Chiemsee Summer, M’era Luna, Deichbrand and additionally Provinssi in Finland, Bravalla in Sweden, Northside in enmark, Greenfield in Switzerland, Nuke in Austria and Best Kept Secret in the Netherlands.
As well, the company expects FKP Scorpio to provide a 'growth platform' beyond Eventim's traditional ticketing business. Apart from its festival business, FKP Scorpio and its subsidiaries acts as touring partner in different European countries for various artists like Foo Fighters, Justin Bieber, Ed Sheeran, James Blunt, Mumford & Sons, Revolverheld and Blink 182. – Staff Writers