Live Nation Entertainment has completed its acquisition of a 51% controlling interest in Latin American promoter OCESA Entretenimiento.

The acquisition was originally announced in July 2019, but Live Nation pulled out in 2020 due to the uncertainties caused by the COVID-19 pandemic. Live Nation had agreed to acquire a 40% stake in OCESA from Grupo Televisa for around $290m (£218.7m/€257.4m) and an additional 11% shareholding from Corporacion Interamericana de Entretenimiento (CIE).

Live Nation resumed the takeover process earlier this year, with CIE retaining 41% of OCESA. The aggregate purchase price came in at MXN$8.835m, 7% of which will be held back and retained by Live Nation to cover any operating losses in a period of time following closing.

OCESA also owns Ticketmaster Mexico and promotes events across Mexico and Colombia, with around 20 million tickets sold annually.

Michael Rapino, president and chief executive, Live Nation Entertainment, said: “As we continue to bring shows back around the world, we’re excited to officially welcome OCESA into Live Nation.

“Alex and the OCESA team are incredible at what they do and together we look forward to creating even more amazing live experiences across Mexico and Latin America.”

Alejandro Soberón Kuri, chairman of the board and chief operating officer of CIE, added: “This strategic agreement extends the already successful relationship we have with Live Nation and we are very proud to take it to the next level.

“We are very excited to finally join forces with Michael and his team. Together with the world leader, we will continue to add value and growth to the business, bringing the best entertainment to Mexico and Latin America.”

Soberón Kuri will serve as CEO and will sit on the board of the joint venture, while Rapino will become chairman of the venture’s board of directors.