Blackstone Inc. (NYSE:BX), and CVC (CVC Capital Partners Limited) are among a list of potential bidders for European festivals organiser Superstruct Entertainment Limited, several sources with knowledge of the situation told Reuters. Superstruct, which runs events including electronic music festival Sonar in Spain and Mysteryland in the Netherlands, could be valued at as much as GBP 1.5 billion ($1.9 billion) in a sale, two sources said. Private equity owner Providence Equity Partners L.L.C. is working with advisers at Liontree and HSBC to gauge interest and is set to launch a formal auction process over the next month, the people said.

Providence has been planning the sale since last summer as live music festivals rebounded after the end of COVID-19 lockdowns, which has encouraged investment, Reuters reported. Condé Nast owner Advance Publications, Inc., which is controlled by the Newhouse Family, has also been interested in Superstruct, two of the sources said. Two sources said the sale is expected to draw interest from KKR & Co.

Inc. (NYSE:KKR) with one of them adding EQT AB (publ) (OM:EQT) to the list. All four sources spoke on condition of anonymity because the talks are private. Providence, CVC, Blackstone, EQT, Advance, KKR and HSBC declined to comment.

Superstruct and Liontree did not respond to Reuters requests for comment.