Live Nation is proceeding with its $444m acquisition of 51% of Mexico’s largest promoter, OCESA Entretenimiento, owner of Ticketmaster Mexico. Live Nation will offer $450m in stock to finance the purchase.

Announced in July 2019 and put on hold due to the COVID-19 pandemic, the deal with CIE and Grupo Televisa is now expected to close late this year or in early 2022. It requires regulatory approval.

OCESA has 13 venues in Mexico with a collective capacity of nearly 250k. In a typical year it promotes more than 3,100 events in Mexico and Colombia. Ticketmaster Mexico sells about 20m tickets annually. Their businesses also include ticketing, sponsorship, food & beverage and merchandise.

As part of the transaction, Live Nation acquired an interest in OcesaSeitrack, OCESA’s booking and artist-management joint venture; ICREA, an events specialist; and Centro Citibanamex, an exhibition and convention center in Mexico City.

CIE President and CEO Alejandro Soberón Kuri will serve as CEO and sit on the board of the newly formed joint venture. Live Nation President and CEO Michael Rapino will become Chairman of the venture’s board of directors.

"After serving as Live Nation’s touring, festival and ticketing partner in Mexico for years, we know OCESA is a stellar business with deep roots in live entertainment in Mexico," Rapino said. "Alex has built a remarkable company and as we continue to build on the return to live, OCESA will play a pivotal role in putting together many incredible shows in Mexico and the rest of Latin America."

Live Nation is offering 5.24m shares of common stock at a price of $86.90 per share. Any proceeds unused for the sale will go toward general corporate purposes. The closing of the common stock offering is not conditioned upon the completion of the OCESA acquisition.