Live Nation Entertainment (LYV) Traders Lower on Plans to Sell $450M in Stock to Fund OCESA Acquisition

September 14, 2021 5:31 PM EDT

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Live Nation Entertainment, Inc. (NYSE: LYV) shares fell 2% after-hours Tuesday after the company announces its intention to offer $450 million of common stock, the net proceeds of which is expected to fund the acquisition of 51% of the capital stock of OCESA Entretenimiento, S.A. de C.V., with the remaining proceeds to be used for general corporate purposes.

On Monday, Live Nation Entertainment announced that it agreed to proceed with its previously announced acquisition of a 51% controlling interest in OCESA Entretenimiento, a leading promoter in Latin America and owner of Ticketmaster Mexico from CIE. The purchase price was MXN$8,835,000,000 or approximately USD$444 million.

Goldman Sachs & Co. LLC acts as the sole book-running manager for this offering.

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