The Los Angeles-based live entertainment company AEG announced with investor and asset manager Onex Partners that the pair agreed to sell their ownership interest in ASM Global, the third-party venue and event management company. The duo will sell the interest to Legends, a global premium experiences company that recently acquired ASM.
While the transaction still must undergo regulatory approvals, it is expected to close in 2024.
Dan Beckerman, President and Chief Executive Officer of AEG, noted that the announcement is the next step in the journey of AEG and Onex, which began in 2019 after AEG Facilities and SMG merged to create ASM.
“Our purpose has been clear from the start – to drive ASM’s growth and create significant value for ASM and its clients,” Beckerman said. “Despite the tremendous impact of the pandemic, we were able to unlock substantial business value over the past four years with ASM growing both its revenues and global portfolio.”
The transaction will allow AEG to focus on the growth of their core businesses, Ted Fikre, Vice Chairman and Chief Legal and Development Officer of AEG, said, noting that “while we will no longer be an owner in ASM, we look forward to continuing to work with the company and its talented leadership team as they pursue ongoing success under the stewardship of Legends as the new owner.”
Onex offered similar sentiments; Managing Director at Onex Partners Amir Motamedi said that Legends will be able to take ASM “to new heights.” Currently, ASM Global manages around 350 venues across the globe, including multiple NBA and NFL venues various stadiums like Allegiant Stadium in Las Vegas, NRG Stadium in Houston, State Farm Stadium in Arizona, and US Bank Stadium in Minneapolis.
ASM Global serves more than 164 million guests annually. This is the latest news for the company; ASM Global announced last month that it will continue its decade-long partnership with The Oncenter and St. Joseph’s Health Amphitheater at Lakeview.
