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The erstwhile AEG Ogden is bulking up its presence down under with the acquisition of a 25% stake in leading stadium manager VenuesLive
By Jon Chapple on 04 Oct 2019
ASM Global, the global venue-management giant formed by the recent merger of SMG and AEG Facilities, has acquired a 25% shareholding in Australian stadium operator VenuesLive.
The acquisition of a stake (formerly held by Techfront Australia) in VenuesLive gives ASM a further foothold in the Asia-Pacific large-venue sector. VenuesLive operates the 83,500-seat ANZ Stadium and 30,000-seat Bankwest Stadium, both in Sydney, and the 60,000-seat Optus Stadium, in Perth.
ASM Global, meanwhile, manages the 12,000-seat Brisbane Entertainment Centre and 52,500-seat Suncorp Stadium, both in Brisbane; the 21,000-seat Qudos Bank Arena and 8,500-seat First State Super Theatre at ICC, both in Sydney; the 15,000-seat RAC Arena in Perth; and the new 17,000-cap. Coca-Cola Arena in Dubai, among others.
As part of the transaction, ASM Global’s Asia-Pacific region chairman, Harvey Lister, joins the VenuesLive board, though current directors (and joint majority shareholders) Daryl Kerry and Steve Heytman will continue to lead the business day to day.
“We look forward to the benefits that ASM Global’s investment in VenuesLive will bring”
Bob Newman, president and CEO of ASM Global, comments on the acquisitions: “The real winners from these developments are the fans who will be able to access a greater range of world-class content, services, amenities and technologies in more venues than ever before across Australia.”
Approval for the acquisition has been granted by the government owners of the three stadia.
Kerry, the managing director of VenuesLive, says: “We are excited about ASM Global’s investment in VenuesLive. We look forward to the benefits that ASM Global’s investment in VenuesLive will bring, particularly in delivering additional events to the stadia we manage.”
Collectively, ASM Global’s portfolio includes more than 300 arenas, stadia, convention centres and performing arts venues. ASM was formerly known locally as AEG Ogden.
ASM’s sister company, promoter AEG Presents, in April absorbed Frontier Touring, Australia’s last major independent concert business.
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