International nightclub conglomerate Pacha Group recently went on sale, and just over a month later has already reportedly been purchased. The company's initial asking price was €500 million (the rough equivalent of $560 million USD), but its ownership has all but finalized a transaction in the amount of €350 million ($392 million).
Private equity outfit Trilantic Europe revealed the amount of the deal, which was struck between Pacha Group owner Ricardo Urgell and an as yet undisclosed entity. In an interview with DIARIO de IBIZA, Urgell had said: "In a few days we will see the sad news of the sale of Pacha Group in the world's press. The deal is practically done, but it's still not sealed."
Between the sale of Pacha Group following the raids and seizures of its flagship nightclub, Pacha Ibiza, as well as those of Ushuaïa, Space and Privilege during Operation Chopin, the White Isle's nightclub circuit is certainly undergoing some dramatic changes. As Urgell has suggested, more information regarding the purchase will likely become available in the days to follow.