Sports and live entertainment company AEG and alternative asset manager Onex have completed the sale of their ASM Global joint venture to live events company Legends.
First announced in November 2023, the merger creates what Legends describes as “the world’s preeminent premium live events company dedicated to providing fans with outstanding experiences globally.”
Financial terms of the acquisition were not disclosed. Following the transaction, ASM Global will continue to operate under its name, Legends said in an August 23 statement.
ASM Global was formed from the merger of AEG unit AEG Facilities and Onex-owned SMG in 2019. Headquartered in Los Angeles, ASM operated a portfolio of arenas, stadiums, convention centers and performing arts centers.
“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.”
Dan Beckerman, AEG
Shortly after it was formed, ASM purchased a 25% stake in Australia-based venue operator VenuesLive, previously held by Techfront Australia. VenuesLive operates the 83,500-seat ANZ Stadium and 30,000-seat Bankwest Stadium in Sydney, as well as the 60,000-seat Optus Stadium in Perth.
Commenting on the acquisition by Legends, Dan Beckerman, President and Chief Executive Officer of AEG, said: “This transaction is the culmination of our vision to drive ASM’s growth and unlock substantial business value in the company.
“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 combined entity will offer a suite of services, including venue planning and development, content and event booking, partnerships and premium ticketing, and merchandise and hospitality, Legends said. The service will cater to clients across various industries, including sports, entertainment, attractions, conventions, and leisure.
“The next era of Legends starts now,” Legends CEO Dan Levy said. “Over the course of 15 years, we have developed an unmatched solution to deliver a superior fan experience and help our partners grow. 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.”
Ron Bension, ASM Global President and CEO, added, “One of our ASM Global mantras for a number of years has been ‘the future is now.’ By joining Legends, that future has not only arrived, but it couldn’t be brighter. The opportunities created by our companies’ collective capabilities will elevate not only the success of our partners, clients, and projects worldwide, but the industry as a whole.”
Founded in 2008, Legends has grown through organic expansion and strategic acquisitions. Following the acquisition of ASM Global, Legends said its global reach now extends to Africa, Asia, Europe, Oceania, and North and South America.
Sixth Street, a global investment firm, remains the majority investor in Legends, partnering with YGE Holdings, an affiliate of the New York Yankees, and Jones Concessions LP, a Jerry Jones family company.
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