Enhanced Group Inc. (NYSE: ENHA) has announced a definitive agreement to acquire a 77% controlling interest in DEAG Deutsche Entertainment AG, a Berlin-headquartered Pan-European Live Entertainment and Ticketing Group. The transaction is an all-stock deal valued at approximately $115 million for 100% of DEAG’s equity, or an enterprise value of approximately $139 million. This represents a premium of approximately 13% to DEAG’s November 4, 2026 closing price.
Under the terms of the agreement, Enhanced expects to issue approximately 11 million shares of Class A common stock at $8.00 per share. The deal values DEAG at 5.3 times its estimated FY2027 Adjusted EBITDA of approximately $26.5 million. DEAG operates in seven core European markets, stages approximately 6,000 live events annually, and has completed more than 30 acquisitions since 2019. The company will continue to be led by its existing management team, including incoming Chief Executive Officer Markus Breitenecker.
Following the closing of the transaction, expected in the first quarter of 2027, the combined group is projected to generate approximately $670 million in combined revenue and $26 million in Adjusted EBITDA for the full year 2027. This represents a year-over-year improvement of approximately $65.5 million in Adjusted EBITDA.
In conjunction with the DEAG acquisition, Enhanced announced a concurrent private investment in public equity (PIPE) financing of $15 million. This financing is expected to close simultaneously with the acquisition and is intended to support the combined company’s growth strategy, including DEAG’s buy-and-build approach.
Separately, the company reported its financial results for the third quarter ended September 30, 2026. For the quarter, revenue was $3.3 million, driven by the acceleration of Live Enhanced telehealth sales. The company reported a net loss of $13.5 million and an Adjusted EBITDA loss of $8.8 million. As of September 30, 2026, the company held $12.1 million in cash and cash equivalents, excluding the $15 million PIPE and anticipated sponsorship payments.
