Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has purchased a passive 5.7-per-cent stake in Live Nation, which has resulted in a 4.2-per-cent bump in the live entertainment giant’s share price.

According to an SEC filing, the Saudi fund acquired a total of 12.3 million shares valued at approximately $500m (£400m/€460m). That makes PIF the company’s third-largest shareholder, with Liberty Media, which owns a 33 per cent stake, the largest.

The fund’s stake in Live Nation rose above five per cent as of April 16, according to the filing. Shares were up to around the $39 mark in early trading yesterday (Monday).

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