Jonathan Nelson is placing a bet on the British theater business.

Nelson’s Providence Equity Partners has acquired a majority stake in Ambassador Theatre Group, the No. 1 theater owner in the UK.

Providence paid between $600 million and $700 million for Ambassador, sources said, which just snapped up Broadway’s Foxwoods Theater, home to “Spiderman: Turn Off the Dark.”

Providence acquired the stake from Exponent, a PE firm that acquired it from Live Nation back in 2009.

Ambassador owns 40 theaters in the UK, US and Australia.