Monday, Live Nation, Inc. (LYV) and Ticketmaster Entertainment, Inc. (TKTM) said that they have completed the merger following the receipt of regulatory clearances and approvals from all government authorities required by the merger agreement and the approval of Live Nation and Ticketmaster stockholders. The merged entity will bear the name Live Nation Entertainment, Inc. (LYV) and Ticketmaster's common stock will cease trading after today's trading session closure.
Earlier, today the companies reached agreements with the U.S. Department of Justice and with the Canadian Commissioner of Competition, for the merger of the two companies.
The company noted that subject to final confirmation, under the terms of the transaction, Ticketmaster stockholders will receive about 1.474 shares of Live Nation common stock for each share of Ticketmaster common stock .
Under the agreement, Ticketmaster stockholders will receive about 50.01% of the voting power of the combined new company - Live Nation Entertainment, Inc. subject to final confirmation. Live Nation is to issue about 84,613,661 shares of Live Nation common stock to Ticketmaster stockholders in the aggregate.
Live Nation Entertainment is anticipated to generate approximately $40 million of operating synergies through the combination of their ticketing, marketing, data centers and back-office functions.
Under the terms of the proposed final judgment filed in the U.S. District Court of Columbia, the companies have agreed to divest Ticketmaster's self-ticketing subsidiary, Paciolan, to Comcast-Spectacor and to license the Ticketmaster Host technology to Anschutz Entertainment Group, Inc. Seventeen State Attorneys Generals also participated in the matter and have joined in the U.S. consent decree. The parties' consent agreement with the Canadian Commissioner of Competition is on substantially equivalent terms.
LYV closed Monday's regular trading session at $10.51, up $1.35 or 14.74% on a volume of 7.23 million shares on the NYSE. However, in the after hours, the stock fell 0.10% or $0.01, trading at $10.50.
TKTM closed Monday's regular trading session at $15.40, up $2.10 or 15.79% on a volume of 4.30 million shares on the NYSE. However, in the after hours, the stock fell 2.08% or $0.32, trading at $15.08.
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