US-based Enhanced Group to acquire 77% of DEAG
US-based sports and entertainment company Enhanced Group has announced an agreement to acquire a 77% controlling stake in German live entertainment group DEAG Deutsche Entertainment AG, in a share-based transaction valuing the Berlin-headquartered company at approximately €100 million ($115 million).
The agreement, announced on 5 November 2026, values DEAG shares at €4 each. Enhanced will issue approximately 11 million new shares to the selling shareholders, with no cash consideration involved.
The acquisition is expected to be completed in the first quarter of 2027, subject to regulatory approvals and other customary conditions.
Existing shareholders to retain 23% stake
The initial 77% stake will be acquired from five existing shareholders: Apeiron Investment Group, Apeiron SICAV – Live Opportunities Fund, Apeiron 101, Galaxy Group Funding and B72 Ventures.
The remaining approximately 23% of DEAG will continue to be owned by existing minority shareholders who are not participating in the initial transaction. These may include longstanding private shareholders and members of the company`s management, although Enhanced has not disclosed the complete identity or individual holdings of the remaining investors.
DEAG founder Peter Schwenkow and his son Moritz Schwenkow have previously been identified as shareholders, but their exact ownership positions following the proposed transaction have not been confirmed.
Enhanced has indicated that it may seek to increase its ownership to 100% through additional share exchanges or a subsequent voluntary acquisition offer. No binding agreement to acquire the remaining shares has been announced.
Founded by Peter Schwenkow in 1978
DEAG was established in Berlin in 1978 by concert promoters Peter Schwenkow and Jochen Zanke, originally operating under the name Concert Concept. The business became part of DEAG Deutsche Entertainment AG in 1995 and was listed on the Frankfurt Stock Exchange in 1998.
In 2021, DEAG was taken private and delisted from the stock exchange following a takeover involving investment firm Apeiron Investment Group, associated with German entrepreneur Christian Angermayer.
Schwenkow continued to lead the company until April 2024, when he stepped down as CEO after 46 years and handed operational management to Detlef Kornett. Schwenkow initially remained an advisor and shareholder alongside his son Moritz Schwenkow, who continues to serve on DEAG`s executive board as Chief Ticketing & Technology Officer.
Markus Breitenecker takes over as CEO
The acquisition comes shortly after another leadership change at DEAG. Former ProSiebenSat.1 Media Chief Operating Officer Markus Breitenecker took over as Group CEO on 1 November 2026, succeeding Kornett, who is scheduled to leave the company at the end of the year after 13 years on its executive board.
DEAG has developed into one of Europe`s established live entertainment groups, operating across concerts, touring, festivals, spoken word events, family entertainment and ticketing.
European expansion through acquisitions
Over the past decade, DEAG has expanded through acquisitions of promoters, festival organisers and ticketing companies across Europe, including CSB Island Entertainment (Denmark), Kilimanjaro Live, Gigantic Tickets, The Flying Music Group, UK Live and Fane Productions (UK), I-Motion, C2 Concerts, black mamba Event & Marketing, ROCKHARZ, Juicy Beats, Wizard Live and handwerker promotion (Germany), and MC2 Live (Italy).
Since 2019, DEAG has completed more than 30 acquisitions, establishing a network of promoters, festival organisers and ticketing businesses operating across several European markets.
Enhanced plans further growth and investment
The group currently organises more than 6,000 live events annually. In 2025, DEAG reported record revenue of €490 million and sold more than 12 million tickets, including through its own MyTicket and Gigantic platforms.
Under the proposed ownership structure, DEAG will continue operating under its management team led by Breitenecker. Enhanced intends to support the company`s established acquisition strategy with additional growth capital.
Enhanced Group, listed on the New York Stock Exchange, operates in sports, entertainment and performance-related products and services. Its activities include the Enhanced Games and Enhanced Breakers Series.
According to Enhanced`s preliminary estimates, the combined businesses could generate approximately $670 million in revenue and $26 million in adjusted EBITDA in 2027.
Alongside the acquisition, Enhanced has announced a $15 million private share placement to support its existing activities and future expansion.
The transaction also involves Apeiron Investment Group, which is both a controlling shareholder in Enhanced and one of the shareholders selling DEAG shares. Due to this relationship, the deal was reviewed by an independent committee of Enhanced`s board, which obtained an independent financial fairness opinion before approving the transaction.