TEG in talks with potential buyers
Less than 15 months after its sale to private-equity firm Affinity Equity Partners, a trio of potential buyers are believed to be waiting in the wings to snap up Australian live entertainment group TEG.
The Australian’s media reporter, Jake Mitchell, reports that CTS Eventim and Chinese conglomerates Fosun and Wanda Group have all held talks with Affinity in recent weeks, although the company is not formally for sale. A TEG spokesman confirmed to IQ there is “market interest in TEG”.
TEG is the parent company of Ticketek, Australasia’s largest entertainment and sports ticket agency, as well as self-service ticketing platform Eventopia, promotion business TEG Live, data firm TEG Analytics and the AEG Ogden-operated Sydney SuperDome (21,000-cap.) arena (recently rebranded as the Qudos Bank Arena). In July it acquired Dainty Group, one of Australia’s leading concert promoters.
CTS Eventim and Chinese conglomerates Fosun and Wanda Group have all held talks with Affinity in recent weeks, although the company is not formally for sale
Ticketek claims to have sold over 23 million tickets to more than 20,000 events, and has a database of 12 million consumers.
CTS Eventim is Europe’s biggest primary ticket agency, while Beijing-based Wanda Group and Shanghai-based Fosun have diversified interests in a number of sectors – the former is the world’s largest property developer, and also operates luxury hotels, cinemas and department stores, while the latter is chiefly involved in iron and steel, pharmaceuticals, healthcare, tourism and sports (it has owned English football club Wolverhampton Wanderers since July).
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