A change in antimonopoly legislation frees the transaction from the control of the Competition Authority. The producer, parent company of Ticket Master, thus acquires its first venue in France.
The American entertainment giant Live Nation announced to AFP on Wednesday that it had “completed the acquisition” of the Plenitude Arena, the largest covered venue in Europe which currently hosts Celine Dion concerts, thus becoming the owner of its first venue in France. This announcement was made a few hours after the publication of a press release from the Competition Authority explaining that its approval was no longer necessary to conclude this operation, unveiled in January. This agreement was concluded with Ovalto, the holding company of businessman Jacky Lorenzetti, who initiated and owns this room located to the west of Paris.
This acquisition was subject to an examination by the Competition Authority, a classic procedure which can extend over several months and aims to prevent a risk of dominant position or monopoly of an economic actor.
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But, since the 1is September, the control thresholds for this type of operation, based on the turnover of the companies concerned, were raised. This new provision of the commercial code is part of the law to simplify economic life. Following this reform, the turnover of the company which operates the Plenitude Arena fell below this revised threshold, now set at 80 million euros.
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Inaugurated in 2017 in Nanterre, the U Arena, now Paris La Défense Arena, has once again been renamed Plenitude Arena, thanks to a new partnership with the Italian energy group ENI. With its maximum capacity of 45,000 seats, this hall has notably hosted the Rolling Stones, Kendrick Lamar and Taylor Swift, but also sporting events such as Racing 92 rugby matches as well as the swimming and water polo events of the Paris Olympic Games in 2024. Céline Dion is currently performing in residence there, for her big return to the world stage.
“Live Nation will invest to improve the reception of the public and artists, modernize the venue’s equipment, increase the number of dates available and strengthen its attractiveness to French and international artists and event organizers,” the company said in a statement. According to the entertainment giant, also known through its ticketing subsidiary Ticketmaster or for the Main Square Festival in Arras, the venue will “continue to welcome all event organizers and producers”. For its part, the Competition Authority nevertheless indicated that it remained “vigilant about the consequences of this operation on the markets concerned”.