Live Nation Entertainment Inc. on Tuesday said that it acquired Ticketnet, France’s second largest ticket retailer.

Live Nation of Beverly Hills, considered the world’s largest live entertainment company, said that the deal, whose terms were not disclosed, is a significant step in its global expansion strategy and complements its own concert promotion activities in France.

“This is a significant acquisition that will allow Live Nation to strengthen and expand its presence in a 4 billion euro ($5.5 billion) ticketing market that has been growing 5 percent annually,” Chief Executive Michael Rapino said in a statement. “Ticketnet will accelerate our development in the fifth largest music market in the world.”

Ticketnet service retails 6.6 million tickets annually for more than 40,000 events each year with a team of 100 employees. The unit will continue to be led by its managing director, Francois Thominet.

Shares were up 13 cents, or 1.3 percent, to $9.83 in midday trading on the New York Stock Exchange.