DUBLIN, Ireland (CelebrityAccess MediaWire) — Live Nation has acquired the remaining 50% stake in O2 Dublin arena from Ireland's National Assets Management Agency (NAMA) in a deal worth more than $48 million.
NAMA took control of a 50% stake in O2, as well as the nearby Bord Gais Energy Theatre from developer Harry Crosbie after a number of his companies went into receivership in April, 2013.
According to the Independent, Live Nation had the right of first refusal to purchase the venue, which is reported to be one of the most profitable arenas in the world with an estimated property value of about $96 million.
Live Nation also has an operating and profit-sharing contract at the Bord Gais Energy Theatre, however, according to the Independent, a sale for the theatre is not expected in the immediate future.
First opened in 2008, the 14,500 capacity arena has since hosted performances by U2, Beyonce, Lady Gaga, Pink and Paramour among others. – Staff Writers