Christopher BarrettLondon-based international ticketing platform DICE is reportedly in talks to sell a significant stake in the business that will value it at hundreds of millions of dollars.
According to a Bloomberg report, DICE was recently approached by a prospective buyer, leading the company to initiate a more formal process. Reportedly Softbank, one of the largest investors in DICE, is keen to sell its stake. It said sources directly involved in the potential sale stated that at least three of the interested parties are private equity firms.
The interest in DICE is the latest move from private equity companies to invest in the live entertainment industry. It follows the recent acquisition of Superstruct Entertainment, one of the world’s biggest festival promoters, to investment giant KKR for a reported €1.3 billion (£1.1bn), and live events production and automation company TAIT being acquired by Goldman Sachs Alternatives.
DICE was founded in 2014 by CEO Phil Hutcheon. In October, DICE expanded its presence in North America beyond the US, with a launch in Canada. Recent developments include the launch of a new marketplace for promoters and venues to sell directly to fans. DICE is understood to have raised around $200 million in funding, with investors including MUSIC, Structural Capital and Ahdritz Holding LLC, the investment vehicle for Willard Ahdritz, founder and chairman of Kobalt Music.