Enhanced Group, the New York-listed sports and entertainment company, has agreed to acquire about 77% of DEAG Deutsche Entertainment AG in an all-stock deal that values the Berlin-based live-events and ticketing group at about US$115m, Enhanced said on 5 November 2026.
Why Enhanced Group Inc. is buying DEAG Deutsche Entertainment AG (about 77%)
Enhanced said combining its owned sports properties, including the Enhanced Games, and its telehealth businesses with DEAG's promoter network, about 6,000 annual live events and proprietary ticketing would create a platform for live experiences, with combined 2027 revenue expected at about US$670m.
“We believe the winners will be the companies that own the content, the stage and the ticket.”
Deal terms and financing
Enhanced has signed exchange agreements with certain DEAG shareholders and will issue new shares at US$8.00 each. The deal values DEAG's equity at €4.00 a share and implies an enterprise value of about US$139m, or 5.3 times expected 2027 adjusted EBITDA. Enhanced is also raising US$15m in a concurrent private placement with family offices and funds, including Apeiron Investment Group, and may later raise its DEAG stake.
Regulatory approvals and timing
Because Apeiron is both Enhanced's controlling shareholder and a seller of DEAG shares, a special committee of Enhanced's board reviewed the deal and received a fairness opinion from Roth Capital Partners. Closing is expected in the first quarter of 2027, subject to customary and applicable regulatory approvals.
Market context
DEAG, which is expected to generate about US$600m of revenue in 2027, runs festivals, concerts, touring and spoken-word events across Europe and has a growing US presence.
