UK-based Superstruct Entertainment has reportedly acquired Netherlands-based electronic music experience company ID&T.
Superstruct already owns brands such as Sziget in Budapest, Elrow and Boardmasters in Cornwall.
Chief executive of ID&T Group Ritty van Straalen said: “ID&T will celebrate its 30th anniversary in 2022. This partnership is an important strategic step in the development of our company, which we already embarked upon in 2019, pre-COVID, and was ultimately delayed by 1.5 years.
“The past 19 months have been very tough for us and the entire event industry, but we are excited to see that Superstruct has been able to look through the current environment, recognising the combined potential of these two world-class companies.”
Van Straalen also noted that the industry is “increasingly consolidating” as proven by this recent partnership.
She added: “We are happy to be part of such an experienced group and strongly believe we can reinforce each other in many ways.”
While the price of the agreement has not been shared by the two companies, Netherlands-based financial publication Het Financieele Dagblad has reported that Superstruct is buying ID&T from investor Afar Capital for between $150m (£109m/€128m) and $200m.
Chairman of Superstruct Entertainment James Barton added: “We are very excited to join forces with ID&T, a business that I have long admired.
“Our partnership with ID&T is a very significant milestone for Superstruct and reflects our deep conviction in the value of experience focused live music festivals and our excitement about the significant joint growth opportunities that lie ahead as live events return.”