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Major Merger: AEG Facilities SMG To Form ASM Global

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Major Merger: AEG Facilities SMG To Form ASM Global

10:29 AM, Thursday, 2/07/2019
 By: Don Muret / VenuesNow

AEG Facilities and SMG, the two biggest players in the management of sports and entertainment venues, announced today they have formed a definitive merger. The name of the new entity is ASM Global.
Financial terms were not disclosed. AEG Facilities and Onex, a private equity firm that acquired SMG for $1 billion in 2017, will each own 50 percent of the new company. 
All told, between the two companies, the agreement covers more than 300 facilities worldwide, including multiple NBA and NHL arenas and six NFL stadiums.
Bob Newman, current president of AEG Facilities, will be named president and CEO of ASM Global. Wes Westley, SMG’s CEO, will join the new firm’s board of directors. Wesley will retire pending completion of the merger, SMG officials confirmed. 
Newman and Westley declined comment.
The agreement covers venue management services, plus content provided by AEG Presents, the world’s second-biggest concert promoter, and AEG Global Partnerships. Those two subsidiaries will operate across all ASM Global properties, sources said.
In addition, SMG, through senior vice president of entertainment Jim McCue, brings its own content division to the table. 
On its own, AEG retains ownership of its venues and entertainment districts in Los Angeles, including Staples Center and L.A. Live, as well as London, Hamburg and Berlin.
The transaction is subject to regulatory approvals. Competitors in the facility management space include Spectra, VenuWorks and Oak View Group, parent company of Pollstar and VenuesNow.

Read the full article here: https://www.pollstar.com/article/major-merger-aeg-facilities-smg-to-form-asm-global-137248

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