The U.K. expansion of live music juggernaut Live Nation continued today with its acquisition of a major stake in venue operator Academy Music Group (AMG).

The share was acquired from RJD Partners, the private equity investment firm.

Now Live Nation and Gaiety Investments, both co-owners of a joint venture that operates Mean Fiddler Holdings (which organizes the Reading & Leeds Festival, and the Latitude Festival), jointly own a combined 56% share in AMG.

That share comprises the Live Nation/Gaeity joint venture's 44% interest, in addition to the 12% Gaeity already possessed on its own. Meanwhile, Bob Angus, concert promoter at Metropolis Music, and Simon Moran, of SJM Concerts will hold the outstanding 44% of AMG.

The Live Nation-Gaeity acquisition values AMG, which generated £5.9 million ($11.58 million) of adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), at £58.1 million ($114 million).

AMG comprises 12 music venues, including London's Carling Brixton Academy, Shepherd's Bush Empire and venues in major U.K. cities such as Glasgow, Liverpool, Oxford and Brighton. In total, its venues, with capacities ranging from 250 to 5,000, entertain 3 million customers a year.

AMG will use Live Nation/Gaeity investment to expand into locations where it currently operates no live music outlets.

"Live Nation-Gaeity Holdings are not only investing in the dynamic Academy brand, but are also investing in the management I have built over the years," said John Northcote, the AMG's CEO, in a statement. "AMG's commitment to new and emerging talent will continue through its smaller venues and its in-house Academy Events promoting team."

Conditional to the acquisition, Live Nation and Mean Fiddler Holdings will sell London-based Forum for £1 million ($1.96 million) and Hammersmith Apollo venues for £13 million ($25.53 million) to MAMA Group, which operates music and media ventures, including London's Barfly venues.

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