UK - Exponent acquires enlarged Ambassador

The englarged Ambassador group is valued at £150m, with Live Nation having been acquired for around £90m. The deal will see Exponent provide at least £75m in financing, alongside investments from existing ATG shareholders.

The transaction will result in the creation of one of the UK's biggest theatre groups, comprising 39 venues including the Lyceum, Duke of York's, the Edinburgh Playhouse and the Theatre Royal Brighton. The business has also recently won a contract to operate the Aylesbury Waterside Theatre, which will become the business' 40th venue when it opens next year.

ATG was founded in 1992. The company made a gross profit of £35m in the year to September 2008, but had a pre-tax loss of £603,000.

LiveNation sold its 16 UK theatres to focus on its concert business.

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