Mergers & Acquisitions

Portugal’s Competition Authority concerned over Altice Arena/Live Nation deal

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The Competition Authority in Portugal (Autoridade da Concorrência) has reportedly expressed doubts over the acquisition of the country’s largest venue, Altice Arena, by entertainment giant Live Nation. 

According to a report from Portuguese national newspaper, Expresso, the deal is undergoing a major investigation by the Competition Authority that will prolong a decision on Live Nation acquiring the 20,000-capacity venue.

It was announced earlier this year that Live Nation was set to purchase a majority stake in the arena’s owner, as well as an indirect controlling stake in promoter Ritmos e Blues.

The regulator’s concerns include Live Nation using Altice Arena for its own benefit, and limiting access to the Altice Arena by third-party promoters, according to the report.

Rival concert and festival promoter Everything Is New has also opposed the acquisition.

Altice Arena owner Arena Atlántico has been controlled by a consortium that includes Ritmos e Blues, Música no Coraçã owner Luís Montez and Jorge Vinha da Silva, among others, since 2013.