(Reuters) -Live Nation Entertainment ( LYV ) said on Tuesday it will accelerate the purchase of an additional 24% stake in Mexican concert promoter Ocesa, as Mexico becomes a prominent market for live music events.

The investment will give Live Nation greater control over the Mexican market, where concert attendance has more than tripled since 2019, reflecting the country's growing economic importance in the global entertainment industry.

The New York-listed entertainment giant will acquire the stake from Corporación Interamericana de Entretenimiento (CIE), which will retain a 25% holding in Ocesa. The deal also extends Ocesa CEO Alejandro Soberón's contract through 2032.

The transaction will provide CIE with proceeds exceeding 12 billion Mexican pesos ($641.03 million), which it may use to pay down debt and fund working capital needs.

Live Nation's expanded ownership comes as Mexico's live music sector has experienced rapid growth. The partnership between Live Nation's global infrastructure and Ocesa's local market expertise has created more opportunities for international artists to perform in Mexico while expanding fan access to live entertainment.

Mexico's live music boom has been driven by increased disposable income among younger demographics and a surge in international touring following the pandemic recovery.

The expanded partnership positions Ocesa to book more major global acts while Live Nation gains deeper access to Latin America's fastest-growing entertainment market.

The deal is expected to close by the end of next month, pending CIE shareholder approval.

Live Nation acquired a 51% controlling stake in Ocesa Entretenimiento in 2021, purchasing 40% from Grupo Televisa and 11% from CIE.

($1 = 18.7200 Mexican pesos)