Concert promoter Live Nation Entertainment Inc., which merged with Ticketmaster this year, said Tuesday that it bought France's second-largest retailer of tickets, Ticketnet.

Terms were not disclosed.

Live Nation said the acquisition was a "significant step" in its global expansion strategy and complements its growing concert promotion activities in France. Ticketnet, which also serves Belgium and Luxembourg, operates in a 4 billion-euro ticketing market, which is growing by 5 percent annually, the company said.

"Ticketnet will accelerate our development in the fifth largest music market in the world," Live Nation CEO Michael Rapino said in a statement.

Ticketnet sells 6.6 million tickets to more than 40,000 events a year, Live Nation said. It sells via the Internet, through call centers and from 750 retail sales points. The company has 100 employees.

Live Nation shares were up 6 cents at $9.76 in afternoon Tuesday trade.