PIF acquires 5.7% stake in US-based Live Nation Entertainment

Public Investment Fund (PIF) acquired 5.7% stake in Live Nation Entertainment Inc., a New York Stock Exchange listed company.

The Saudi sovereign wealth fund’s ownership of 12.3 million shares out of 215.2 million total shares makes it the third-largest stakeholder in the company.

The US-based company’s stock rose 10% following the acquisition announcement to close at $42.01 at the end of Monday’s trading session. The stock, however, witnessed a 41% drop since the beginning of the year on the back of the coronavirus outbreak.

PIF governor, Yasir Al Rumayyan, has previously stated that many investment opportunities will emerge with the end of the coronavirus fallout, adding that the fund is considering investing in several areas such as aviation, oil, gas and entertainment, according to data compiled by Argaam.

Sources revealed this month that the fund purchased a $200 million stake in the Norwegian Equinor Oil Co., and acquired 8.2% of the Miami-based Carinval Cruise Operator Corp.’s shares.