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Thursday, July 18, 2024

Matutes takes ownership of Ibiza’s Privilege nightclub which will not open for summer 2022

"Refurbishment" works announced by Matutes after the premises has been closed for two years

The Privilege nightclub, an icon of Ibiza’s nightlife and for many years the largest in the world, is now owned by Grupo Empresas Matutes, which has acquired all the shares that were still in the hands of its partner in this business, José María Etxaniz, after a long judicial process.

The headquarters of the Ibizan holding company succinctly confirmed the news yesterday, without providing more details: “After many years of litigation, Bahía de San Antonio SA has acquired the shares owned by José María Etxaniz of the company Balantxa SA, owner of the Privilege nightclub, through a judicial process”.

They also confirmed that, as it is now their property, they do not plan to open the nighclub in Sant Rafel this season. “

Matutes estimated to have paid twenty million euros

Although the amount that the Ibizan group has had to pay for the more than 5,000 shares of Etxaniz has not been disclosed, it seems to be around twenty million euros.

This amount is close to the amount that Etxaniz requested from Empresas Matutes in 2018, after the Provincial Court of Palma dismissed the appeal filed against the judgment of the Commercial Court No. 2 of Palma that approved the contract of sale of the shares of Baltanxa SA and deeded them in the name of Bahía de San Antonio SA.

Grupo Empresas Matutes refused to pay this amount and then Article 6 of the company’s bylaws, which was shared by both parties, was applied so that an independent auditor could set the price of the shares.

For the full article, please visit Diario de Ibiza website here.

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