KKR, the private-equity firm whose leveraged buyout loaded Toys R Us with the debt that eventually sank it, closed a roughly $1.4 billion deal for Superstruct Entertainment's portfolio of more than 80 festivals, including Sónar, Boiler Room and Wacken Open Air, in 2024.
Flow Festival and the campaign Flow Strike announced a joint agreement on 18 June 2026 that ends the boycott, but the campaigners say their core demand, that KKR divest, was not met.
After 32 years, Ricard Robles, Enric Palau, and Sergio Caballero are gone, and for the first time, Sónar belongs entirely to KKR-backed Superstruct Entertainment.
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