Max SteventonThe European Commission has approved the acquisition of event production company Production Resource Group (PRG) by US private equity firms FS KKR Capital Corp and Ares Management Corporation.
The decision gives the firms indirect joint control of PRG, following an investigation that found the deal would not harm competition in the live entertainment market.
The acquisition, valued at around $3.7 billion, strengthens PRG’s financial position as one of the world’s leading providers of production equipment and services.
Founded in 1983, the company operates from 38 locations worldwide, including bases in Europe, the Middle East, Asia and the U.S.
“The Commission concluded that the transaction would not raise competition concerns, given the limited market position of the companies after the proposed transaction,” the Commission said in a statement.