U.S.-based private equity firm Providence Equity Partners has bought a majority stake in Hungarian festival company Sziget, the companies said in a joint statement on Friday, aiming to expand the events internationally.

Sziget draws about 500,000 people every year to its flagship event in Budapest and hundreds of thousands more to half a dozen other festivals around Hungary. Now in its 25th season, it has received several “best festival” titles from the European Festival Awards.

The website of the local edition of Forbes Magazine said Rhode Island’s Providence – which has total assets of about $47 billion under management – bought a 70 percent stake in Sziget.

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