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US investment group KKR has paid €1 billion for Superstruct Entertainment, a UK events organiser that hosts more than 80 European music festivals.
US investment firm KKR is reportedly in the process of acquiring UK event organiser Superstruct Entertainment. Financial Times.
Superstruct Entertainment has more than 80 music FestivalIncluding Finland’s Flow Festival and Tuska
Both festivals are currently held in Helsinki Summer Bay District – Tuska Music Festival this coming weekend and Flow Music Festival in August.
according to Ikka MekinenTuska Film Festival director said the acquisition would have little impact on the Finnish film festival’s operations.
“We are not actually working with venture capitalists, but with Superstruct now and in the future,” Mäkynen told Yle.
Tuska joined Superstruct in 2021 and Mäkynen said being part of the chain has been very useful for his work.
“It helps a lot to have a network of 80 festivals and colleagues with whom we can exchange ideas. We don’t all have to make the same mistakes,” says Mäkynen.
According to the Financial Times, KKR will acquire Superstruct Entertainment, formerly a subsidiary of Providence Equity Partners, for 1.3 billion euros.
The British company is the world’s second-largest events organiser after Live Nation, with its events attracting seven million visitors a year.
Event management is increasingly concentrated in the hands of industry giants. There are hardly any events in Finland that are not owned by large national or international chains.
“In the end, the customers benefit. People who come to the festival get better service and a better programme,” Mäkynen said.
Helsinki Newspapers was the first newspaper in Finland to report on the acquisition.
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