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Splendour and Falls sold to international events promoter

Splendour and Falls sold to international events promoter

The world’s largest events promoter has bought a controlling stake in two of Australia’s largest and formerly independent music festivals.

Firms: PwC (Secret Sounds); Squire Patton Boggs (Live Nation Entertainment)

Deal: Acquisition of majority interest in the Secret Sounds group of companies by Live Nation Entertainment.

Value: Confidential

Area: M&A

Key Players: Leading the PwC legal services team were M&A partners Andrew Wheeler and James Delesclefs, assisted by senior associate Nathan Greenfield and lawyers Jonathan Chelvam and Amy Camenzuli. Employment partner Tim Frost also assisted.

Sydney managing partner Campbell Davidson led the Squire Patton Boggs team, with assistance from senior associate Clive Lee and lawyers William He and Chris Steenson. Partner Anna Elliott provided employment law advice.

Deal Significance: Splendour in the Grass and Falls Music & Arts Festival are the first Australian festivals to join Live Nation, after the NYSE-listed entertainment company acquired 51 per cent of the Secret Sounds group.

Live Nation has a portfolio of more than 80 festivals globally, including Governors Ball, Lollapalooza, Bonnaroo and Austin City Limits.

“We started Secret Sounds with the sole mission of introducing Australians to the best artists, events and music possible, and Live Nation is the perfect partner to help us take this goal to the next level,” Secret Sounds co-CEOs Jessica Ducrou and Paul Piticco said in a statement.

“With their support we can continue to curate the line-ups that fans love, while also experimenting with new, exciting ways for fans to experience live music.”

Splendour in the Grass, held annually in Byron Bay, is one of Australia’s largest contemporary music festivals. The Falls Music & Arts Festival is one of the countrys longest-running New Year’s Eve festivals and hosts around 60,000 people per day across four locations.

“We wholeheartedly welcome Jess and Paul and their teams into the rapidly growing Live Nation Australia family,” said Live Nation Australia and New Zealand president and CEO Michael Coppel.

“Our new relationship with the Secret Sounds group confirms Live Nations position at the forefront of the Australian live performance industry.”

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