AUCKLAND, NZ (CelebrityAccess) — Live Nation NZ and their partners MHC investments have been approved by the Overseas Investment Office to acquire Auckland's 12,000-seat Vector Arena.
The deal will see Live Nation and MHC acquire all of the outstanding shares of EVENZ, which owns a leasehold interest in Vector Arena. The financial terms of the agreement were not disclosed.
Live Nation and MHC said that their ownership of the venue would change the economic dyanmics of producing events there, making more and larger shows at the arena a financial possibility.
MHC, an investment entity for concert promoters Michael Coppel and Michelle Coppel, also owns a 30% stake in Live Nation NZ. – Staff Writers