AEG and Onex Partners Announce Agreement to Sell Ownership Interest in ASM Global as Part of Legends’ Acquisition of ASM
November 07 2023 - 1:00PM
Business Wire
AEG, the world’s leading sports and live entertainment company,
and Onex, a leading investor and alternative asset manager, today
jointly announced that AEG and Onex Partners have signed a
definitive agreement to sell their entire ownership interest in ASM
Global (“ASM”), a global leader in third-party venue and event
management, to Legends, a global premium experiences company. The
financial terms of the transaction were not disclosed. Read the
acquisition announcement here.
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“Today’s announcement is the culmination of the journey AEG and
Onex embarked on in early 2019 when we completed the merger of AEG
Facilities and SMG to form ASM Global,” said Dan Beckerman,
President, and Chief Executive Officer of AEG. “Our purpose has
been clear from the start – to drive ASM’s growth and create
significant value for ASM and its clients. 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.”
“This transaction 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,” said Ted Fikre, Vice Chairman and Chief Legal and
Development Officer of AEG. “AEG has enjoyed our successful
partnership with Onex and, 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.”
Kosty Gilis, Managing Director at Onex Partners, commented, “We
are extremely grateful to the entire ASM leadership team for their
unwavering dedication to positioning the business for success, in
particular during the unparalleled operating environment they faced
during the pandemic, which has allowed ASM to recover so strongly
and have great long-term prospects. We would also like to thank AEG
who have been wonderful partners consistent with their impeccable
reputation in the marketplace.” Amir Motamedi, Managing Director at
Onex Partners, added, “We believe ASM is being acquired by an
outstanding company in Legends who will take the business to new
heights. We wish them much success in the coming years as they
continue to grow the business and serve customers globally.”
ASM Global manages a portfolio of live event entertainment
venues worldwide and provides best-in-class venue management and
operation services. With clients spanning five continents, ASM
Global operates venues that serve live events for more than 164
million guests annually. Legends provides a complementary offering
of hospitality, venue planning and project management, premium
sales, sponsorship, and merchandise services to many of the world’s
most iconic sports, entertainment, and attractions brands.
The transaction, which remains subject to regulatory approvals,
is targeted to close in 2024.
About AEG
Headquartered in Los Angeles, California, AEG is the world’s
leading sports and live entertainment company. The company operates
in the following business segments:
- Music through AEG Presents, which is dedicated to all aspects
of live contemporary music performances, including the production
and promotion of global and regional concert tours, an extensive
portfolio of clubs, theaters and other music venues, concerts and
special events and world-renowned festivals such as the Coachella
Valley Music and Arts Festival;
- Venues and Real Estate, which develops, owns and operates
world-class venues, as well as major sports and entertainment
districts like Crypto.com Arena and L.A. LIVE, Mercedes Platz in
Berlin and The O2 in London;
- Sports, as the world’s largest operator of high-profile
sporting events and sports franchises including the LA Kings, LA
Galaxy and Eisbären Berlin;
- and Global Partnerships, which oversees worldwide sales and
servicing of sponsorships including naming rights, premium seating,
and other strategic partnerships.
Through its worldwide network of venues, portfolio of powerful
sports and music brands and its integrated entertainment districts,
AEG entertains more than 160 million guests annually. More
information about AEG can be found at www.aegworldwide.com.
About Onex
Onex is an investor and asset manager that invests capital on
behalf of Onex shareholders and clients across the globe. Formed in
1984, we have a long track record of creating value for our clients
and shareholders. Onex’ two primary businesses are Private Equity
and Credit. In Private Equity, we raise funds from third-party
investors, or limited partners, and invest them, along with Onex’
own investing capital, through the funds of our private equity
platforms, Onex Partners and ONCAP. Similarly, in Credit, we raise
and invest capital across several private credit, public credit and
public equity strategies. Our investors include a broad range of
global clients, including public and private pension plans,
sovereign wealth funds, insurance companies and family offices. In
total, Onex has $49.5 billion in assets under management, of which
$7.9 billion is Onex’ own investing capital. With offices in
Toronto, New York, New Jersey, Boston and London, Onex and its
experienced management teams are collectively the largest investors
across Onex’ platforms.
Onex is listed on the Toronto Stock Exchange under the symbol
ONEX. For more information on Onex, visit its website at
www.onex.com. Onex’ security filings can also be accessed at
www.sedarplus.ca.
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version on businesswire.com: https://www.businesswire.com/news/home/20231107575412/en/
Michael Roth VP, Communications AEG Tel: 310 308 7684
mroth@aegworldwide.com Jill Homenuk Managing Director – Shareholder
Relations and Communications Onex Tel: +1 416.362.7711
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