Deutsche Entertainment AG (DEAG) has expanded its market position in Switzerland after acquiring a majority stake in promoter Michael Drieberg’s Swiss group of companies.

Through its wholly-owned Swiss subsidiary AIO Group AG, DEAG is acquiring a majority stake in Live Music Production LMP S.A. and Live Music Entertainment S.A., the company group owned by the promoter and event organiser Drieberg.

The move sees the company expand its business activities from its existing operations in German-speaking Switzerland into the French-speaking areas of the country, so now covers the entire market.

The acquisition means DEAG is pushing forward with its ambitious buy-and-build strategy, with its executive board expecting further growth for the live entertainment and ticketing business.

Detlef Kornett, a member of the DEAG executive board, said: “With this investment, we are accelerating the strategic expansion of our business activities in Switzerland. We are expanding our range of events to include first-class French-speaking artists and events and are gaining excellent access to the French-speaking market.”

Drieberg will continue to manage the business alongside DEAG, with sales profits from the purchase expected to hit CHF 35m (£28m/$35.6m/€31.5m).

Drieberg has promoted and organised events in Switzerland for more than 20 years, with his portfolio including Johnny Hallyday, Sting, Zucchero or David Guetta.

Drieberg added: “With DEAG, we are jointly establishing a network that offers all of us excellent growth opportunities. We have a long-standing, trusting relationship with Stefan Matthey and Good News Productions and look forward to expanding our joint activities.”

Image: Pxhere