Live Nation buys the Forum di Assago for 90 million: it's a venue war
Agreement with Bastogi to take over the ForumNet Group: Carroponte and Repower Theatre also in the deal. Challenge to the Germans of Eventim
Italia is increasingly at the centre of the global war on live events: Live Nation is taking over the Unipol Forum in Assago, the Repower Theatre in its vicinity and the Carroponte in Sesto San Giovanni from the Bastogi Group, in a 90 million deal.
The announcement arrived on Wednesday 4 February: the American live music giant acquired from the real estate company the entire ForumNet Group, which has at the centre of its business the arena inaugurated in 1990 and used at the next Olympics in Milan Cortina for the pattinaggio, with a capacity increased to 15,800 seats. The venue is home to the Olimpia Basket Milano and in 36 years has hosted practically all the big names of national and international music who chose the arena option: from Coldplay to Vasco Rossi, from Madonna to U2 via Eric Clapton and Roger Waters.
Live Nation envisages a significant investment plan on the Forum to further improve audience participation, enhance the infrastructure for artists and productions, and introduce sustainability-oriented interventions aimed at reducing carbon emissions. The interventions will emphasise the venue's Olympic legacy for both entertainment and sport. Among the assets included in the deal are the Carroponte, a 10,000-seat industrial archaeology complex that is the star of the Milanese summers, and the Repower Theatre, also in Assago, a 1,730-seat venue dedicated mainly to musicals.
Bastogi has announced that the enterprise value of ForumNet, the company being sold, stands at EUR 90 million. The agreement provides that the enterprise value will be adjusted on the closing date. The companies involved in the transaction emphasise that the venues will continue to be managed by ForumNet's current staff.
"We are proud to welcome these historic venues in Milan within Live Nation and to invest in their future," comments Roberto De Luca, president of Live Nation Italia, whose roster includes Vasco Rossi to Cesare Cremonini, organises Firenze Rocks and I-Days and is preparing to close its balance sheet at over 300 million (+35%). From the Bastogi Group, assisted by the Bonelli Erede law firm, come the words of chairman Marco Cabassi: "These venues have been at the centre of Milan's cultural life for decades. The partnership with Live Nation ensures that they can continue to grow'. Following the announcement, Bastogi's share price flew +24.6% on the Milan Stock Exchange.
