(Bloomberg) -- Stockholm-based Pophouse Entertainment Group AB has acquired a 75% stake in Avicii’s music catalog, with the family and estate of the late DJ retaining ownership of the remaining portion.
Avicii, a Swedish musician by the real name Tim Bergling, rose to the top of his profession about 10 years ago with electronic dance hits such as “Levels” and “Wake Me Up.” Bergling committed suicide while on holiday in Oman in 2018.
“Through this collaboration, his fanbase will be taken care of in a more engaged manner than our time previously allowed, which was one of the important motives underpinning this deal,” said Bergling’s father, Klas, in a written statement. His parents set up a foundation in their son’s name to help young people struggling with mental health issues.
Pophouse, founded in 2014 by EQT Chairman Conni Jonsson and ABBA star Bjorn Ulvaeus, is also establishing a joint venture with Bergling’s estate for brand-related projects, such as an interactive tribute museum in the Swedish capital.
The Avicii deal marks a continued expansion for the entertainment group, which acquired the back catalogs of Swedish House Mafia earlier this year. In May, Bloomberg reported that the company planned to raise 750 million euros ($721 million) for a private-equity music fund.
“We are investing to build a roster of the artists that shaped the sound of modern pop music,” said Pophouse’s head of investments, Johan Lagerlof.
No purchase price was given for the Avicii catalog acquisition.
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