Live Nation Entertainment says it is intending to offer, subject to market and other conditions, $450m (£325m/€381m) of common stock registered under the Securities Act of 1933. 

The company has released the pricing of 5,239,259 shares of common stock at $86.9 per share. The issuance and sale of the common stock are scheduled to settle on Friday. 

The proceeds will go towards funding the $450m acquisition of 51% of the stock of OCESA Entretenimiento which was announced this week. 

Goldman Sachs & Co will be acting as the sole book-running manager. 

LNE has also pointed out that any remaining proceeds will be used for general corporate purposes and the consummation of the offering of the common stock is not governed by the completion of the OCESA acquisition. 

The events and venue promoter resumed its acquisition of OCESA after it originally fell through during the early days of the COVID-19 pandemic. 

Live Nation will acquire a 40% stake from multimedia group Grupo Televisa and an additional 11% stake from Corporation Interamericana de Entretenimiento (CIE).

CIE will retain the remaining 41% of the company. 

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

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