Live Nation Inc. said it has partnered with Gaiety Investments to acquire a 56 percent stake in Academy Music Holdings Ltd.
Academy Music owns and operates 12 live music venues in the United Kingdom including Carling Academy Brixton and Shepherd's Bush Empire. Terms of the purchase were not disclosed, but the transaction values AMG at $114 million, including the assumption of $56.9 million in debt, Live Nation said.
The purchase will bring the AMG brand under the Live Nation umbrella and will accelerate the Los Angeles-based company's UK venue expansion strategy, the company said in a release.
Shares in Live Nation were down 42 cents, or 1.9 percent, to $22.21 in afternoon trading Friday on the New York Stock Exchange.
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