February 7 (SeeNews) - Privately held firm Mozaik Investments, which has offices in Vienna and Bucharest, announced that it has signed a binding agreement to acquire a minority stake in Romanian entertainment group Untold, which organizes two of the largest European music festivals in Romania.
The acquisition will provide growth capital for the development of Untold Group's projects both regionally and internationally, and will allow Untold to turn into a brand with global impact, Mozaik said in a press release on Monday.
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The size of the equity stake and the value of the transaction were not disclosed.
"I am convinced that by joining forces with Mozaik Investments we will be able to take huge steps in the global expansion of our main brand, Untold, but also of other projects of the group that have great potential, plus the development of new concepts" said Bogdan Buta, founder of Untold Universe.
The acquisition is yet to be approved by the Romanian competition authority.
The entertainment group founded in Cluj-Napoca in 2015 organises the annual Untold, Neversea, and Massif music festivals in Romania. Besides the main business directions focused on events planning, the group also includes a sponsorship agency, a communication agency, and a production house.
Mozaik Investments is an investment company which focuses on Central and Eastern Europe. According to its website, it provides expansion capital between 2 million euro ($2.1 million) and 5 million euro to companies which are relatively mature, founder-owned, and market-leading.