The global live entertainment giant Live Nation Entertainment is valued at over $518 million (478 million euros)

Saudi Arabian sovereign wealth fund gains 5.7% of Live Nation

REUTERS/BREDAN McDERMNID - Live Nation Entertainment logo on a screen at the New York Stock Exchange (NYSE) in New York, USA

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30 de abril de 2020 (08:45 h.)

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The Saudi Arabian sovereign wealth fund, Public Investment Fund (PIF), has emerged with a 5.7% stake in the global live entertainment giant Live Nation Entertainment, valued at over $518 million (478 million euros).

With a stake of 12,337 million shares in the company, the Saudi Arabian fund would be the third largest shareholder of Live Nation, whose shares rose 9.86% to $42.01 on Monday.

Until last week, the concert promoter's shares accumulated a collapse of almost 50% since mid-February, after the COVID-19 pandemic and the containment measures implemented forced the suspension of thousands of events.

On April 13, Live Nation announced that it had reached an agreement to access a new $120 million (111 million euros) revolving credit facility, which its Chairman and CEO, Michael Rapino, stressed would help provide the company with the financial strength it needed to weather the current difficult period.