DGAP-News: CTS Eventim AG & Co. KGaA
/ Key word(s): Investment
Munich/Zurich, 24 January 2020. CTS EVENTIM, one of the world's leading providers of ticketing and live entertainment, is acquiring 60% of the shares in Zurich-based Gadget Entertainment AG and in that connection is also acquiring a 60% stake in the St. Gallen-based wepromote Entertainment Group Switzerland AG.
By making this acquisition, CTS EVENTIM is intensifying its involvement in Switzerland's live events sector and significantly expanding its business activities in that country. At the same time, CTS EVENTIM is reorganising its operative business in Switzerland. On completion of the transaction, Gadget Entertainment AG and wepromote Entertainment Group Switzerland AG will merge their operations with those of ABC Production AG, which already belongs to CTS EVENTIM, in order to jointly exploit the scale effects that are generated. The name of the new company, domiciled in Zurich, will be 'Gadget abc Entertainment Group AG'.
CTS EVENTIM CEO Klaus-Peter Schulenberg commented that, 'By acquiring majority stakes in Gadget and wepromote, and subsequently merging them with ABC Production, we are efficiently reorganising our business activities in the Swiss live events sector. Gadget abc Entertainment Group AG will be a powerful events and entertainment network. We can thus deliver impressive proof of the great progress we are making in expanding EVENTIM LIVE, our international promoter network. This means we can offer artists not only highly performant ticketing systems, but also broader opportunities for international tours and customised solutions - all on a one-stop basis.'
The Gadget Entertainment and wepromote team has extensive and prolonged experience in the music and entertainment business and operates in a variety of segments: concerts, festivals, live events, management, booking, publishing and brand partnerships.
The newly-formed abc Entertainment Group AG will be managed by five partners: Christof Huber, the festival director in St. Gallen and Arbon, Cyrill Stadler, for many years the CFO and Verwaltungsrat of the Wepromote Group, and the Gadget partners Eric Kramer, Oliver Rosa and Stefan Wyss. Kramer and Rosa will represent the company as Managing Partners, whereas Wyss will manage the Live Events business and Huber the Festival business. Cyrill Stadler will act as the Financial Director.
'We have been jointly preparing for this step for quite some time. Due to the involvement of CTS Eventim and our taking over the business of abc Production, we can generate some crucial momentum for further growth', says Christof Huber, Festival Director at Gadget abc Entertainment Group AG.
According to André Béchir, Managing Director of ABC Production, 'Merging these companies is a logical and consequential step and will have a sustained impact on the Swiss market in the live events segment. I am looking forward to the new partnership and to applying my extensive experience to actively assist Gadget abc Entertainment Group AG in my role as consultant.' André Béchir, Switzerland's pioneer in the live entertainment business, will also bring his strong network and good contacts with agents into the new partnership.
Dr Frithjof Pils, Managing Director of EVENTIM LIVE, added that, 'It was only recently, in March 2019, that we concentrated our promoter activities in the new entity called EVENTIM LIVE. Within less than a year, our network already comprises 32 international and national promoters, who each year organise more than 40 festivals and around 6,000 live events attended by 12 million visitors in 13 countries. What this shows is that our idea is successful and is well received by the market. The merger of the three firms - Gadget, wepromote and ABC Production - to form the new Gadget abc Entertainment Group AG is creating one of Switzerland's most powerful entertainment companies.'
About CTS EVENTIM
About Gadget Entertainment
For further information, contact:
Gadget abc Entertainment Group AG
24.01.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||CTS Eventim AG & Co. KGaA|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||960279|
|End of News||DGAP News Service|