Enhanced Group agrees to acquire 77% stake in DEAG in all-stock deal

Enhanced Group has agreed to acquire an approximately 77% stake in European live entertainment company DEAG in an all-stock transaction. DEAG shareholders will receive one newly issued Enhanced share for every 1.7 DEAG shares, resulting in about 11 million new Enhanced shares being issued.

The deal values DEAG at €4 per share, implying an equity value of €100 million. DEAG's businesses include festival ownership, concert production and promotion, spoken-word events and ticketing. Enhanced expects the transaction to close in the first quarter of 2027 and plans to raise $15 million through unregistered common stock concurrently.

CEO and Co-Founder Maximilian Martin said the deal broadens Enhanced beyond sports and consumer health products. Enhanced appointed its three independent board members to a special committee, which reviewed the transaction with its own advisers and voted in favor. Apeiron, the family office of Co-Founder Christian Angermayer, previously held a stake in DEAG.