Among the numerous tectonic shifts affecting dance music in 2016 are some that will alter the White Isle beyond recognition. Both Amnesia and Space Ibiza have just announced closing parties as a result of criminal investigations, and now the Pacha Group has revealed that it is up for sale.
The conglomerate, which boasts properties in seven different countries, is reportedly going for €500 million - the rough equivalent of $560 million USD. A spokesperson on behalf of the brand told Crónica Global, "Pacha Group regularly receives offers from investors and his team carefully analyzes and evaluates each of them."
The Pacha Group's owners had been in talks with a Chinese investor for a year, but were not able to arrive at an agreement. The brand has reached 11 cities worldwide, whether in the form of hotels, nightclubs, festivals or cruises.
The same spokesperson remarked that if a potential transaction may occur, it would inform the media in a timely manner consistent with the principles of transparency by which the company is governed.