Promotion giant bidding to buy Academy Music Group.
Hamsard, the investment vehicle partly owned by live music giant Live Nation, is negotiating to acquire 51% of the Academy Music Group (AMG), a U.K. venue operator.
Hamsard is a joint venture of Live Nation and Gaiety Investments Limited, the Irish music-promotion company belonging to entrepreneur Dennis Desmond. Hamsard is pursuing the 51% shareholding belonging jointly to U.K. investment-fund companies RDJ Partners and F&C Private Equity Trust via Royal London Private Equity.
The remainder of AMG belongs to the management and three U.K. concert promoters (Metropolis Music, SJM Concerts and MCD Productions).
Last summer, Hamsard completed the acquisition of the Mean Fiddler Music Group. The current move should boost Live Nation’s global operations, which include 153 entertainment venues worldwide.
In addition to its shares in AMG, Gaiety Investments also has interests in music festivals T in the Park, V Festival and Isle of Wight Festival.