AEG and Onex Partners Announce Agreement to Sell Ownership Interest in ASM Global as Part of Legends' Acquisition of ASM
All amounts in U.S. dollars unless otherwise stated
LOS ANGELES and TORONTO, Nov. 07, 2023 (GLOBE NEWSWIRE) -- 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.
"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 ...
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