Mean Fiddler organises the popular Reading Festival
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Music promoter Mean Fiddler has accepted a takeover offer which values the company at around £37.9m ($71.3m).
The successful approach has come from US giant Clear Channel Entertainment and Irish firm Gaiety Investments.
Mean Fiddler owns the London Astoria, the Reading Festival and 39% of the Glastonbury Festival.
The deal, which is still subject to approval by Mean Fiddler shareholders, will see the firm's founder Vince Power pocket around £13m for his 35% stake.
He set up the company more than 20 years ago.
Hamsard, Clear Channel and Gaiety's joint investment vehicle - which already owns nearly a quarter of Mean Fiddler shares - said the UK firm was "highly complementary" to its existing business.
"Following the acquisition, the Mean Fiddler group will continue to pursue a strategy of delivering world-class event promotion and event management both through its festivals and music businesses in the UK," said Hamsard.
Gaiety Investments owns music promotion business MCD Productions.
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