12:13 PM EDT, 06/21/2024 (MT Newswires) -- KKR (KKR) said Friday it has acquired European live entertainment group Superstruct Entertainment from private-equity firm Providence Equity Partners.

Financial terms of transaction weren't disclosed, but Financial Times pegged the deal value at 1.30 billion British pounds ($1.64 billion, citing people familiar with the matter.

KKR shares were down 2.3% in recent trading.

Established by Providence in 2017, Superstruct owns and operates more than 80 music festivals across 10 countries in Europe and Australia. Its portfolio includes festivals such as Wacken Open Air, Defqon.1, Parookaville, Sziget, Tinderbox, Boardmasters and Sonar.

"With a robust foundation as a top-tier live entertainment platform, we see significant growth opportunities ahead for Superstruct," KKR Partners Philipp Freise and Franziska Kayser said. The investment firm said it will support Superstruct in its next phase of development.

KKR is investing in Superstruct via its $8 billion European Fund VI investment vehicle, whose recent investments include FGS Global, OHB and Nexeye.

As part of the deal, Providence has an option to invest 250 million euros ($267.1 million) into Superstruct, KKR said.

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