SMG Europe and Live Nation UK will jointly take over a 25-year lease on the 12,000-capacity arena when it opens in 2018
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The world's largest promoter is reportedly in the running to buy the planet's leading venue operator, which is expected to sell for around $750m
By IQ on 29 Nov 2017
Live Nation has reportedly submitted a proposal to buy venue management giant SMG.
The Pennsylvania-based company – whose venue portfolio, the world’s largest, includes some 500 arenas, stadia, theatres, amphitheatres and convention centres across North America, Europe and Asia – was recently put on the market by current owner Northlane Capital Partners, and is expected to sell for around US$750m.
According to SportsBusiness Journal, offers for SMG were due in yesterday, with Live Nation among the bidders. The two companies have a history of collaboration in ticketing and venue management, most recently on the planned Bristol Arena in the UK.
The acquisition of SMG would make Live Nation, already the world’s biggest promoter, a dominant player in venue management, especially in the European arenas market, where rival AEG Facilities is traditionally stronger.
It would, however, be subject to regulatory approval in multiple territories, as with Live Nation’s 2010 acquisition of Ticketmaster.
IQ has contacted Live Nation for comment.
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