CTS Eventim has acquired a 60 percent stake in Swiss promoters Gadget Entertainment and wepromote Entertainment Group Swizterland AG. In doing so, the businesses will operate post-merger as Gadget abc Entertainment Group AG.
The acquisition now allows the European ticketing company to add an estimated to 400-500 live events to its annual calendar. Among that list will be notable international festivals Unique Moments, SummerDays Festival, Open Air St. Gallen and Seaside Festival.
“By acquiring majority stakes in Gadget and wepromote, and subsequently merging them with ABC Production, we are efficiently reorganizing our business activities in the Swiss live events sector,” Eventim CEO Klaus-Peter Schulenberg said in a statement.
“Gadget abc Entertainment Group AG will be a powerful events and entertainment network,” he continued. “We can thus deliver impressive proof of the great progress we are making in expanding EVENTIM LIVE, our international promoter network. This means we can offer artists not only highly performant ticketing systems, but also broader opportunities for international tours and customised solutions – all on a one-stop basis.”
A release detailing the business move also named the five executives tasked in running the new operations. Cyrill Stadler and Christof Huber will continue their posts as CFO and festival director, respectively. Gadget’s Eric Kramer, Stefan Wyss and Oliver Rosa are also on board as managing partners.