AEG Facilities and SMG have officially completed their merger this week to create ASM Global.
AEG Facilities, the venue management subsidiary of AEG, announced the deal with the Onex-owned SMG in February, which was just cleared by the UK’s Competition and Markets Authority as well as the U.S. Department of Justice last month. The new ASM Global is considered a “standalone global facility management and venue services company” that is headquartered in Los Angeles with operations based in West Conshohocken, Pennsylvania and other corporate offices in London, Manchester, Brisbane, and Sao Paulo. It will operate a portfolio of arenas, stadiums, convention and exhibition centers, performing arts theaters, and other venues totaling 300 facilities across five continents.
Bob Newman, the former president of AEG Facilities, has been named the president and CEO of ASM, effective immediately. He noted in a press release that this merger is the beginning of a new chapter and “will establish a new standard of excellence in managing live experiences.”
“Bringing together the combined global expertise of each company with the best content and cutting-edge technologies, we will be able to realize the full potential of the world’s greatest spaces, places and events, create amazing experiences for guests, offer exciting new opportunities to employees and deliver the highest value for all stakeholders,” Newman said. “Equally important, our deep bench of talent and shared resources will enable ASM to accelerate innovation and capitalize on the growing market opportunities.”
Wes Westley, the former CEO and president of SMG, will take on key strategic growth initiatives and work on the company’s integration process. He said in a statement that he is “proud to have had the opportunity to lead such an incredible organization as SMG.”
“We have a long history of working closely with our public and private partners and are confident in our ability to continue to meet and exceed their expectations,” Westley said. “ASM’s focus moving forward will be on providing added value and best-in-class services to its customers. We are well prepared for a seamless integration process.”
Now, Onex and AEG are equal co-owners of ASM, making it the world’s biggest company in facility management.
AEG has also made news recently for the buying out the sole operational control of AXS ticketing, acquiring shares from Outbox Holdings and Flash Seats. This move allows the company to “capitalize on the projected growth of the global online event ticketing market which is expected to reach more than $67 billion by 2025.”
Last Updated on October 2, 2019 by Olivia Perreault