Features
SFX Buys Out TomorrowWorld Producer
SFX Entertainment has acquired 100 percent of Amsterdam-based ID&T, a leading worldwide producer of dance music festivals and events, for $130 million in a deal that closed Oct. 18.
SFX earlier announced it intended to buy a 75 percent stake.
The acquisition amount includes some $30.4 million in shares of SFX common stock.
ID&T has produced events for more than 20 years, including 68 festivals and events in 2012, according to a SFX statement.
The SFX and ID&T joint venture produced last month’s TomorrowWorld festival in Atlanta, among others.
“With the acquisition of ID&T, SFX has created one of the most significant and important entertainment companies on the planet,” SFX Chairman/CEO Robert Sillerman said.
“While we were previously expanding and innovating our Electronic Music Culture festivals across two different companies, we will now operate as one company with one vision,” added ID&T co-founder Duncan Stutterheim, who remains as an executive of ID&T.