SFX To Complete Totem Buyout

SFX Entertainment’s A$75 million ($72.45 million) purchase of Australian dance promoter Totem Onelove Group is set to be completed after the rollup king’s $260 million IPO.

SFX gave Totem Onelove a down payment of $5 million ($4.83 million) allowing it to expand its flagship festival Stereosonic (Nov. 30 to Dec. 8) to a two-day event.

Totem Onelove Group began running club nights in Melbourne.

Stereosonic became a national event in 2009. In 2011 it drew 60,000 to its Sydney show and 45,000 to Melbourne alone. Totem director Richie McNeill said they agreed to the SFX deal because the Australian promoters remain as creative forces in their company.