Christopher BarrettBerlin-based pan-European promoter, venue operator and ticketing conglomerate Deutsche Entertainment AG (DEAG) has agreed a takeover offer with the aim of delisting from the Frankfurt Stock Exchange after 23 years.
DEAG increased its presence in the UK in recent years, acquiring a 75% stake in Nottingham-based ticketing company Gigantic in December 2019. It already owned MyTicket.co.uk, UK promoter Kilimanjaro Live, theatrical producer Flying Music Group, and Scotland’s 16,500-capacity Belladrum Tartan Heart Festival (pictured).
DEAG said it has agreed the delisting with its largest single shareholder, the Apeiron Investment Group and its bidder company Musai Capital.
Withdrawal from the Frankfurt Stock Exchange requires a prior public delisting takeover offer to the shareholders of DEAG so that all shareholders can sell their shares. Musai Capital has made an offer of €3.07 (£2.66) per DEAG share, valuing the company at around €60 million (£53.22m).
DEAG said Apeiron and Musai Capital have pledged to support the company’s growth strategy.
It said, “All members of the management board as well as the supervisory board will also accompany DEAG on its further growth trajectory. Furthermore, all existing contracts with employees, service providers and artists shall remain in full force and effect.”
DEAG CEO and founder Prof. Peter Schwenkow 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.”