In another significant step for transatlantic theatre relations, the UK’s biggest theatre owner Ambassador Theatre Group (ATG) has acquired Broadway's largest theatre for a reported figure of over $60million.

The Foxwoods Theatre, situated on 42nd Street, opened in 1997 and seats nearly 2000 people. It is currently home to Spider-Man: Turn off the Dark, billed as "the most talked about show on Broadway".

The acquisition, made through ATG subsidiary Lyric Theatre LLC, comes months after the company announced plans to expand overseas. The Foxwoods increases ATG's portfolio to 40 venues.

ATG’s Howard Panter said: "It is no secret that we at ATG have been looking to expand our impressive portfolio of UK theatres, by making acquisitions and alliances in strategic markets around the world. We have been waiting for the right opportunity and The Foxwoods Theatre is a perfect match for our ambitions."

Panter's wife and co-CEO Rosemary Squire added: “We are incredibly excited to be operating this beautiful landmark facility, situated right at the heart of one of the world’s most iconic streets for theatre... It is a great privilege for our Group to be entrusted with the guardianship of this magnificent New York Theatre.”

The move comes shortly after Whatsonstage.com was acquired by Broadway-based company TheaterMania.

Speaking in January, TheaterMania's CEO Gretchen Shugart said: "We can better serve global audiences and productions by leveraging each other's strengths in our respective markets."