Live Nation has acquired a controlling interest in its long-time partner OCESA Entertainment, the Latin America promoter which operates Ticketmaster Mexico.

OCESA, which was previously owned by live entertainment firm CIE and multimedia company Grupo Televisa, promotes more than 3,100 events for nearly six million fans annually across Mexico and Colombia.

OCESA’s primary ticketing business, Ticketmaster Mexico, sells more than 37 million tickets annually.

As part of the transaction, Live Nation will also acquire an interest in OcesaSeitrack, OCESA’s booking and artist management joint venture; CREA, one of Mexico’s corporate event specialists; and Centro Citibanamex, an exhibition and convention centre in Mexico City.

Alejandro Soberón Kuri, president and chief executive of CIE, will serve as chief executive and sit on the board of the newly formed joint venture. Michael Rapino, president and chief executive of Live Nation, will become chairman of the venture’s board of directors.

Rapino said: “OCESA has been Live Nation’s touring, festival, and ticketing partner in Mexico for years, and I admire the business Alex has built. This next step is a logical extension for both our teams, and we look forward to working on many more shows together.”

Live Nation anticipates that the transactions will close by the end of 2019.

Soberón Kuri added: “We are extremely proud to join Live Nation. This evolution of our long-standing relationship with Live Nation gives us a unique opportunity to continue OCESA´s 30-year contribution to the development of the Mexican live entertainment industry. In addition, this will further foster CIE´s commitment to the promotion of Mexican artistic talent abroad.”