Music Business Worldwide has confirmed that electronic music festival giant ID&T has been purchased by U.K. promoter Superstruct Entertainment. Citing anonymous sources, Netherlands-based financial publication Het Financieele Dagblad reports that a deal for the acquisition went through for “between $150 million and $200 million” as Superstruct takes the reins from former ID&T owners Axar Capital.
The purchase follows a number of similar acquisitions for Superstruct, who recently purchased a majority stake in popular Spanish festival Sónar as well as Global Media & Entertainment‘s entire festival portfolio. Superstruct is backed by U.S.-based investment firm Providence Equity Partners, helmed by James Barton, founder of Cream and the Creamfields festival, and current president of Live Nation‘s electronic music department.
With the acquisition of the Netherlands-based ID&T, Superstruct adds to a repertoire which includes festival brands like Hideout and Flow Festival, Sziget, elrow, and other large-scale events. With the addition of ID&T’s brands, which include Mysteryland, Awakenings, and Thunderdome, Superstruct will now play host to well over 30 such events and festivals across Europe.
“Both ID&T and Superstruct see great opportunities in sharing knowledge and creating synergies between the companies to further improve the fan experience at their festivals,” a statement on the acquisition reads.
“Our partnership with ID&T is a very significant milestone for Superstruct and reflects our deep conviction in the value of experience-focused live music festivals as well as our excitement about the significant joint growth opportunities that lie ahead as live events return,” added Barton.