Pacha sold for 350 million euros
Legendary nightlife group to be purchased by investment fund
...and it's definitely the end of an era in Ibiza. Still recovering from the closing of Space's doors just a few weeks ago, news have broken that Pacha Group is to be sold to Trilantic Capital Partners for €350 million. Hopefully this means that the White Isle's nightlife will be even better next year!
Ricardo Urgell, owner of Pacha, has told Diario de Ibiza that the deal has not been sealed yet but that it will very likely go forward. The large investment group Trilantic Capital Partners will acquire the whole Pacha Group which includes not only the nightclub but also Lio nightclub and restaurant, Pacha hotel, Destino Ibiza Resort, and all the other national and international franchises.
The initial €500 million asking price has been reduced to the still very substantial €350 million for one of the most important nightlife brands in the world. Urgell has expressed his will to open another clubbing venture, 'Strangers in the Night', a multidisciplinary venue which will host live music and performances.
