AEG & Onex comment on ASM-Legends deal

AEG and Onex have commented on the completion of Legends’ $2.325 billion acquisition of ASM Global.

Los Angeles-headquartered ASM was formed in 2019 following a merger between AEG Facilities and Onex’s SMG. The equity holders agreed to sell their ownership interests in the venue management company as part of the agreement with Legends, which was announced in November last year, with ASM continuing to serve existing and in-development AEG venues.

“This transaction is the culmination of our vision to drive ASM’s growth and unlock substantial business value in the company,” says Dan Beckerman, president, and CEO of AEG. “This milestone will allow us to focus on the continued growth of AEG’s core businesses, including our owned and operated real estate and venues, and our live entertainment and ticketing business.”

The operator of buildings including Las Vegas’ Allegiant Stadium, ICC Sydney Convention Center, Avicii Arena in Stockholm, OVO Arena Wembley, Coca-Cola Arena in Dubai, ASM Global will continue to operate under its name “for the time being” in the wake of the deal.

“We are confident Legends will deliver continued growth and differentiated services to its clients around the globe in the years ahead”

“We are pleased to complete our investment in ASM after having partnered with its management team and with AEG to expand the business, successfully navigate the pandemic and position it for future success,” add Kosty Gilis and Amir Motamedi, MDs at Onex Partners. “We are confident Legends will deliver continued growth and differentiated services to its clients around the globe in the years ahead.”

Confirming the closing of the ASM deal on Friday, Sixth-Street global premium experiences giant Legends says the acquisition has created “the world’s preeminent premium live events company”. The combined firm plans to provide a “data-driven, customisable solution across all areas of venue operations and revenue generation”.

“Over the course of 15 years, we have developed an unmatched solution to deliver a superior fan experience and help our partners grow,” said Legends CEO Dan Levy. “We are proud to add ASM Global to deliver even better experiences and value for our global partners, setting the standard in sports and entertainment.”

Legends’ existing clients include Real Madrid, SoFi Stadium, Dallas Cowboys, FC Barcelona, New York Yankees, and Ryder Cup, as well as the NFL, MLB, NASCAR, PGA of America and FIFA World Cup, while its expanded geographic reach will now support partners across Africa, Asia, Europe, Oceania, and North and South America.

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