The investment firm KKR has officially acquired Superstruct Entertainment, announcing their move into live music.

KKR has a long history in the music industry; previous deals include BMG, Pandora, Chord Music Partners, and Influence Media. This new acquisition, however, showcases a different sector of the business, as Superstruct Entertainment runs more than 80 festivals across Europe and Australia. These include Boardmasters, Sonar, and Waken Open Air.

While terms of the deal were not publicly announced, the Financial Times reported the deal was priced at €1.3 billion.

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Philipp Freise, a partner of KKR, said he sees “significant growth opportunities ahead for Superstruct.”

“Drawing on our strong partnership approach and experience in the digital entertainment and ticketing space, such as BMG, ProSiebenSat1, GetYourGuide, and Trainline, as well as KKR’s global resources and extensive network, we will support the company and its entrepreneurial team to bring their compelling portfolio of live event formats to a wider audience and drive further growth,” Freise said.

Previously, Superstruct was owned by the private equity firm Providence Equity Partners, which has an option to invest in Superstruct for €250 million as a part of the deal.

Providence Equity Partners senior managing director Andrew Tisdale said the company is “incredibly proud of the rapid growth and success Superstruct has achieved since its inception.”

“With Providence’s backing, Superstruct has become a truly exceptional live entertainment company,” Tisdale said. “In particular, we believe the Company’s resilience and emergence from the global pandemic as a stronger business is testament to the entrepreneurial spirit of Roderik Schlösser, James Barton and the impressive management team. We are confident that with KKR’s support, Superstruct will continue to thrive.”