European ticketing and live events company CTS Eventim has acquired a majority stake in Spanish promoter Doctor Music.
The deal — terms of which were not disclosed — marks CTS' first entry into the Spanish concert market and brings the total number of European countries where its live division operates to 10, including Germany, Italy, Netherlands, Austria and Sweden.
The company already owns entradas.com, one of Spain's leading ticketing providers, while its venue properties include Cologne's Lanxess Arena, Berlin's Waldbühne and London's Eventim Apollo.
Last year, CTS Eventim processed more than 250 million tickets across 23 countries, generating more than €1billion ($1.2 billion) in revenue with earnings before tax and depreciation (EBITDA) climbing to over €200 million ($236 million).
Commenting on its latest acquisition, CEO Klaus-Peter Schulenberg said the Spanish live market had shown "encouraging growth in recent years" and remains "one of the most important destinations for artists from across the world."
Acquiring a 63 percent majority share in Doctor Music meant that the Munich-based company will be able to offer its customers a wider range of ticketing and tour options, said Schulenberg. "With its international portfolio of artists and inventory strengths, Doctor Music is the ideal partner for this advance," he stated.
"This partnership is a huge leap forward for my team and myself, allowing us to tap the resources and the network of a global player to offer both artists and fans the best services, for an unforgettable live experience," added Doctor Music CEO Neo Sala, who remains CEO.
Upcoming Doctor Music shows in Spain include concerts by Bruno Mars, Camila Cabello, Jason Derulo, Katy Perry and Shawn Mendes. Last year, the promoter announced that it would be reviving the Doctor Music Festival, a greenfield music festival set in an idyllic mountain valley in Northern Spain, after an almost 20 year absence.
Also known as the Festival of the Cow or the Woodstock of the Pyrenees, the festival has previously been headlined by David Bowie, Lou Reed and Bob Dylan and is scheduled to return next summer at its original location of Escalarre, in the Vall d'Àneu, in the Catalan Pyrenees.