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West End theatre operator ATG is set to be acquired by Mari, the events company owned by American media tycoon Ari Emanuel.

Mari, the business behind Hyde Park Winter Wonderland, confirmed it has reached a “definitive agreement” to buy ATG Entertainment from private equity firm Providence.

The financial details of the takeover were not made public, though the Financial Times previously reported that the transaction could value ATG at around £4.5 billion.

ATG operates approximately 70 venues worldwide, mainly across the UK and US.

The group, which Providence has owned since 2013, operates 10 West End locations in London, including the Lyceum, home to The Lion King, and the Savoy Theatre, currently staging Paddington The Musical.

It also controls a portfolio of regional venues, including the Liverpool Empire, Edinburgh Playhouse and Manchester Opera House.

Mari, which is backed by Apollo Global Management and RedBird Capital Partners, snapped up Secret Cinema’s parent company TodayTix last year.

Mari also runs a raft of UK events including Winter Wonderland, Big Feastival and Hampton Court Palace Festival.

Bosses said that ATG will continue to operate under its existing brand and leadership.

Mr Emanuel, founder and principal investor of Mari, said: “I’ve spent my whole career in entertainment, and I started out in theatre.

“I’ve seen the industry reinvent itself many times, but live has only grown more powerful. Nothing connects great talent with audiences more directly.

“ATG has built one of the world’s great theatre businesses around that experience. This is a long-term bet on where live goes next.”

Melanie Smith, global chief executive of ATG Entertainment, said: “Mari understands live entertainment and what matters most to ATG: our theatres, the people behind them and the relationships we have built with producers, artists and audiences.

“That makes Mari the right home for our next chapter. We look forward to this new era and thank Providence for their unwavering support over the past thirteen years.”