The European Commission has approved the proposed acquisition of the prominent live event production company Production Resource Group (PRG) by U.S.-based private equity investors FS KKR Capital Corp. and Ares Management Corporation.
The deal will bring PRG under the indirect joint control of the two private equity firms, after European regulators determined that the acquisition would not harm competition in the live entertainment sector.
“The Commission concluded that the transaction would not raise competition concerns, given the limited market position of the companies after the proposed transaction,” the Commission said.
The valuation of the deal has been reported at $3.7 billion, though the full financial terms of the acquisition were not disclosed.
Founded in 1983, PRG provides a range of production equipment and services from 38 locations worldwide, including offices in Asia, the Middle East, Europe, South America, Australia, and the U.S.
Source: The European Commission
