Live Nation Entertainment Inc. on Monday said that it has formed a joint venture with Singapore’s Lushington Entertainments to promote live concerts in Hong Kong and Singapore.

The deal expands the Beverly Hills concert promoter’s presence in Asia; the company already has offices in Hong Kong, Beijing, Shanghai, Seoul and Tokyo. It has collaborated in the past with Lushington, which has been in the region since 1990 when it was created to promote Eric Clapton's first Asian tour.

The venture will “enhance and expand our global footprint,” Chief Executive Michael Rapino said in a statement.

Shares on Monday closed down 16 cents, or 1 percent, to $13.72 on the New York Stock Exchange.

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