Christopher BarrettInternational venue management operation ASM Global is to be acquired by Legends, in a deal that will result in an operation with a huge global reach across venues and live events.
Formed by the merger of AEG Facilities and SMG in 2019, ASM Global operates more than 325 venues worldwide including the OVO Arena Wembley (cap. 12,500), Utilita Arena Newcastle (11,000), Aberdeen’s P&J Live (16,000), Bonus Arena Hull (3,500) and Manchester’s AO Arena (pictured) which is the subject of an ongoing £50 million refurbishment plan that will see its capacity expanded to 24,000.
Founded in 2018, Legends provides venue planning and project management, premium sales, sponsorship, hospitality, and merchandise services to many of the world’s best known sports, entertainment, and attractions brands, including Real Madrid, SoFi Stadium, One World Observatory, Dallas Cowboys, FC Barcelona, University of Notre Dame, New York Yankees, and Ryder Cup, as well as leagues and properties such as the NFL, MLB, NASCAR, PGA of America, and FIFA World Cup. Global investment firm Sixth Street is the majority investor in Legends, in partnership with YGE Holdings, LLC, an affiliate of the New York Yankees, and the Jerry Jones family, owners of the Dallas Cowboys.
Legends said it has signed a definitive agreement under which it will acquire ASM Global to create a premium live events company dedicated to providing outstanding experiences for fans around the world.
“Welcoming ASM Global to Legends is a capstone achievement in our 15-year journey toward becoming the world’s trusted partner for connecting people with the brands and communities that matter most to them, and for helping our clients create memorable moments that keep their fans and patrons returning time and again,” said Legends CEO Shervin Mirhashemi.
ASM Global president and CEO Ron Bension said, “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.”
As part of the transaction, which is expected to take place in early 2024, current ASM Global equity holders Onex and AEG will sell their ownership interests. ASM Global will continue to serve existing and in-development AEG venues. Financial terms of the transaction were not disclosed but it was previously reported that Legends was in talks to secure a $1.85 billion funding package to secure the deal.