Max SteventonLive Nation said it will acquire Italian-based venue operator ForumNet Group from Bastogi S.p.A.
According to Live Nation, the acquisition will bring increased investment to the ForumNet’s venues with a focus on improving facilities and sustainability measures.
Live Nation said Unipol Forum (pictured) is central to the acquisition. Located in Milan, the live music and sports arena has a maximum capacity of 15,800. In addition to hosting music concerts, Unipol Forum is the home of Olimpia Milano’s basketball team and is set to stage ice skating events during the Winter Olympics.
Other venues in ForumNet’s portfolio that will full under Live Nation’s ownership include the 1,700 capacity Teatro Repower and the open-air Carroponte (cap.12,000). Both venues are in Milan.
The ForumNet team will continue to operate the venues while Live Nation will promote the shows. The deal is expected to be completed in April.
The acquisition joins several other venues Live Nation has agreed to buy on the European continent recently. In January, the live entertainment giant reached an agreement to acquire Paris La Défense Arena, Europe’s largest arena, and late last year it announced the acquisition of Denmark’s Royal Arena.
Live Nation Italy president Roberto de Luca said, “The Forum has hosted some of the greatest Italian and international artists and we look forward to creating even more opportunities for artists and fans. The ForumNet venues will continue under an independent management team, maintaining longstanding relationships with all partners and promoters.”