Live Nation-Gaiety's takeover of Irish promoter MCD has been cleared by a competition watchdog.
Following a preliminary investigation, Ireland's Competition And Consumer Protection Commission (CCPC) determined that a full investigation was required in order to establish if the proposed deal could lead to a "substantial lessening of competition".
But it has now cleared the move, "subject to a number of legally binding commitments". The UK's Competition And Markets Authority is still investigating the acquisition.
Live Nation UK chairman Denis Desmond, who is also the co-founder of MCD, said: “We are pleased to learn that following a comprehensive investigation the CCPC have approved MCD becoming part of the Live Nation Gaiety family.”
Formed in 2005, LN-Gaiety is a joint venture between Live Nation and promoter Desmond's Gaiety Investments. Live Nation UK chairman Desmond and his wife Caroline and agreed to sell MCD to LN-Gaiety last August.
MCD has upcoming gigs with acts such as Westlife, Stevie Wonder and the Eagles.
