Despite the German promoter's return to profit, income is 85% less than this time last year, although there are positive signs for ticketing business myticket.de
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The deal comes after DEAG accepted a takeover from its largest single shareholder, providing the company with "deep pockets" for acquisitions
By IQ on 26 Jan 2021
Berlin-based Deutsche Entertainment (DEAG) is increasing its presence in Scandinavia with a 75% stake in Danish promoter and international producer CSB Island Entertainment, via its wholly owned subsidiary DEAG Classics.
CSB, founded in 1994, organises and hosts around 300 events a year and has brought a slate of internationally renowned artists to Scandinavia including Kiss, James Blunt, Sir Elton John and Kylie Minogue.
The company also holds worldwide rights to productions and shows including The Show – A Tribute to Abba, which has now been performed in around 50 countries worldwide, Queen Machine Symphonic and Disco Tango Eurovision Show.
CSB company founder and CEO Carsten Svoldgaard and COO Kenneth Svoldgaard will remain shareholders and will continue to manage the company in the long term with their team, which will remain completely with the company.
“DEAG has been working closely and successfully with CSB for many years, especially in the UK and Scandinavia but also in the classics and jazz sector,” says Detlef Kornett, member of the executive board of DEAG.
“We see growth opportunities for our ticketing business and expect to see synergy effects in our international business”
“The investment in CSB is the next logical step of our trustful cooperation. Scandinavia is an economically strong market in Europe and is considered to be particularly digitally minded. We see good growth opportunities for our ticketing business in particular and expect to see synergy effects in our international business.”
The acquisition shortly comes after the German live entertainment company accepted a takeover offer from the company’s largest single shareholder, Apeiron Investment Group, and its Malta-based subsidiary Musai Capital.
The deal, which will see DEAG delist from Frankfurt’s Xetra stock exchange after 23 years as a public company, would provide the company with greater resources for future acquisitions, CEO Peter Schwenkow told IQ.
“We have huge financial support from our investors for future acquisitions, and this support is much, much bigger than any money we could collect from the capital market,” Schwenkow explains. “So, on the one hand it gives us the freedom to do the right decisions, and on the other it gives us deep pockets.”
The Berlin-based promoter and ticket agency has interests in Germany, Switzerland, the UK and the Republic of Ireland.
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