Live Nation has signed a deal to acquire Paris La Défense Arena, Europe’s largest indoor venue, from Ovalto, the concert giant announced Tuesday (Jan. 6).

Upon closure of the deal — which is subject to approval from the French Competition Authority — Live Nation will launch a “major upgrade programme,” according to a press release, that will allow the venue to host more productions year-round. Since it opened in 2017, the arena has hosted shows by artists including Bruce Springsteen, The Rolling Stones, Kendrick Lamar, Taylor Swift, Hans Zimmer and Dua Lipa, along with the Olympic Games and the Tour de France.

The release adds that Live Nation will continue to promote shows at other major French venues, including LDLC Arena, Accor Arena and Stade de France, while welcoming “all promoters” to Paris La Défense Arena.

“Our ambition is simple: to make Paris La Défense Arena a venue that welcomes more productions, with the finest facilities for artists, all event producers and promoters and, above all, the audience,” said Angelo Gopee, managing director of Live Nation France, in a statement. “This ambition is rooted in a strong commitment to local inclusion, education and cultural access — ensuring major live experiences drive local development and inspire younger generations.”

Jacky Lorenzetti, president of Ovalto, said the acquisition represents the start of “a new chapter” for the venue: “Paris La Défense Arena will be able to leverage the full expertise of Live Nation, the global leader in entertainment, to continue its development.”

“Ovalto has created a venue that has become unique in Europe in less than ten years,” said Frédéric Longuépée, president of Paris La Défense Arena. “The arrival of Live Nation promises exciting new opportunities for our clients, employees, and partners, whose support has been crucial in making the arena the icon it is today.”