SHARING AMERICA'S TECH NEWS FROM THE VALLEY TO THE ALLEY
The company has filed for an IPO with the Securities and Exchange Commission. The filing said that the company is planning to raise up to $175 million via the stock market listing to complete pending acquisitions and possibly allow it to pursue more deals.SFX has been on a shopping spree for electronic dance music (EDM) assets. Among other deals, it has reached deals to acquire dance event promotion giants Voodoo Experience and ID&T. In February, it also acquired music download site Beatport.
About $125 million of the capital raised in the planned IPO would go towards completing planned acquisitions, according to the SEC filing. The balance, if any, would go towards funding “working capital, capital expenditures and other general corporate purposes, which may include other acquisitions of complementary businesses,” the company said.
Among the deals that the IPO cash would help finance are the planned purchase of a 60 percent stake in German music events firm i-Motion, substantially all of the assets of Australian dance music events organizer Totem and a 70 percent stake in U.S. promoter Made, according to the filing.
SFX’s stock market ticker symbol would be “SFXE,” but the filing didn’t detail how many shares it would offer and at what price.
Thank you, TiA