Brookfield Asset Management is to acquire a significant minority interest in independent publisher Primary Wave Music in a deal valued in excess of $2 billion, according to a report by PE Insights.
Brookfield will provide an additional capital funding commitment of $1.7 billion to invest in music copyrights. An initial acquisition of over $700 million of music rights from the company’s fund 1 and fund 2 will go into Primary Wave’s new permanent vehicle which will hold assets in perpetuity.
Primary Wave has already finalised over $300 million of deals year-to-date and has another another $600 million of pending transactions, which it expects to complete by year-end.
Read more: Private Equity Wire
