Sports and entertainment company Legends has acquired US venue management company ASM Global as it looks to become the dominant player in the live events management and hospitality space.
ASM manages more than 300 venues, including the ICC Sydney Convention Center, Avicii Arena in Stockholm, OVO Arena Wembley in London, Coca-Cola Arena in Dubai, and a slew of NFL and NBA venues.
The acquisition of ASM allows Legends to expand its reach and be able to work with clients on project conception and planning, venue development, revenue strategy, sales, and omnichannel merchandising and hospitality.
“Legends and ASM Global are both deeply client-centric and fan-focused and together we will deliver maximum value for our global client roster with even greater support and service options,” said Shervin Mirhashemi, chief executive officer of Legends.
Terms of the deal are not being disclosed, but in September it was reported that a group of private credit firms were negotiating a $1.85bn (€1.73bn) financing package for Legends to acquire ASM.
ASM is being sold by its co-owners AEG and Onex Group. ASM will continue to serve existing and in-development AEG venues. These include the Crypto.com Arena, home of the NBA’s Los Angeles Lakers and NHL’s LA Kings.
“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.
Investment firm Sixth Street acquired a majority stake in Legends in 2021 in a deal that valued the company at $1.3bn. Legends has various deals spanning across sports leagues in the United States, while in Europe, the company’s clients include Real Madrid, Liverpool, Manchester United, Paris Saint-Germain, Rugby World Cup 2023, The European Tour and Ryder Cup.
Until the deal becomes officially clear of regulatory review, ASM Global will function independently.
“Our clients will benefit from Legends’ robust services, innovation, technology, and global partnerships which, combined with ASM Global’s venue management and content and event booking expertise, will provide our clients with locally tailored solutions and cutting-edge technologies to achieve outstanding fan experiences and improved venue owner results,” said Ron Bension, president and CEO of ASM Global.
Moelis & Company LLC and BofA Securities, Inc. are serving as financial advisors to Legends, and Ropes & Gray LLP is serving as its legal counsel. ASM’s financial advisors are Goldman Sachs and Jefferies, and its legal advisors are Latham & Watkins LLP, Hogan Lovells, and Arnold & Porter.