Live Nation has pounced on Scotland's T In the Park festival.

As part of a joint venture with Denis Desmond's Irish-based promoter Gaiety Investments, Live Nation will now control a reported 67% of Scottish promoter Dance Factory (DFConcerts), which runs T In the Park.

Financial terms of the agreement, unveiled today, have not been disclosed.

"I have been the main investor in this great business for many years," comments Gaiety founder Desmond in a statement. "It is a natural progression for me to transfer this investment into my U.K. joint venture with Live Nation in order to benefit from the extensive experience and resources that Paul and the rest of his U.K. team can bring to the business to enhance the concert and festival experience for our fans."

In a statement, DF Concerts head Geoff Ellis said he was "pleased to welcome Live Nation into DF Concerts". Ellis was apparently away on holiday and couldn't be reached for comment.

Existing shareholder Simon Moran, a partner with LN-Gaiety in the U.K.'s Academy Music Group, also remains a shareholder in the business.

This year's 13th annual T in the Park will be held on July 11-13 in Balado Kinross, featuring such headliners as Rage Against The Machine, the Verve and R.E.M. According to DF, 40,000 tickets for the event sold out in less than an hour.

LN's portfolio of U.K. festivals includes Download, O2 Wireless and Hard Rock Calling in Hyde Park, plus Reading and Leeds.