Pacha Group sells for €350 million euro

The infamous Ibiza nightclub chain Pacha Group has reportedly been sold for 350 million euro officially to Trilantic Capital Partners. The sale was reported to have been initiated in October of last year, and both parties have now officially come to terms, as Diario de Ibiza reports.

The company was initially put on the market by owner Ricardo Urgell for 500 million euro earlier in September. Urgell comments on the events in an interview with Diario de Ibiza:

“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.”

These events started when Spanish police raided the Ushuaia and Pacha Ibiza clubs and uncovered millions of euros in cash, and was being investigated for alleged tax fraud.