Global investment firm KKR has agreed to acquire the European festivals organizer Superstruct Entertainment from Providence Equity Partners, it was announced on Friday (June 21).

Superstruct — which organizes Sziget, the Budapest music festival that’s one of Europe’s largest, and Wacken Open Air, the world’s largest heavy metal festival held in Germany — was founded in 2017 by Providence and James Barton, a former Live Nation executive who founded the Liverpool-based night club Cream.

Providence grew Superstruct rapidly through acquisitions — it now operates 80 festivals in Europe and Australia — and carried it through the downturn in the live events industry caused by the COVID-19 pandemic. The surge in demand for live entertainment and the continued growth forecast gave the private equity firm the opportunity to cash out.

Terms of the deal were not disclosed, though the Financial Times reported that Superstruct sold for around €1.3 billion ($1.39 billion). Providence has an option to invest €250 million ($268 million) into Superstruct, according to the statement from KKR.

KKR, which has partnered with BMG on investments in the past, will tap into its network of music and media companies to expand Superstruct’s dominance as a European festival promoter, according to a statement by partner/co-head of European private equity Philipp Freise and partner Franziska Kayser.

KKR made the investment through its $8 billion European Fund VI. Through that fund, KKR has also invested in communications company FGS Global and German SpaceX customer OHB.

Goldman Sachs acted as financial adviser and Kirkland & Ellis provided legal advice to KKR. HSBC and LionTree provided Providence financial advice, while White & Case served as the firm’s legal adviser.