Pacha Group has officially been sold for €350 million to private equity firm, Trilantic Capital Partners.
The future of the Ibiza company has been uncertain since owner Ricardo Urgell put it up for sale back in September, initially asking for €500 million.
Following that, reports of a sale initially surfaced in October, but now representatives from Trilantic Capital Partners and Urgell are reported to have agreed terms, according to Diario de Ibiza.
"It hurts a lot to sell Pacha in such a sweet moment," Urgell said in an interview with Diario de Ibiza in October. "I feel like an honest person trying to do the best possible.
“We have to want more for the island, invest in it, appreciate it and love her, so that we're not only benefitting ourselves. People need to promote projects to improve Ibiza. It's important that the island does not lose the magic.
“The island has spoiled areas that will be difficult to recover. If we continue at this pace, it will eventually move to the north of the island. Music should be controlled. We cannot have music everywhere.”
Prior to the club going on the market Spanish police said they found millions of euros in cash during raids at Ibiza superclubs Ushuaïa and Pacha, although Urgell claimed the club's finances were above board.