AEG and Onex Partners Complete Sale of Ownership Interest in ASM Global to Legends
LOS ANGELES and TORONTO, Aug. 23, 2024 (GLOBE NEWSWIRE) -- AEG, the world’s leading sports and live entertainment company, and Onex, a leading investor and alternative asset manager, today jointly announced the closing of the sale of ASM Global (“ASM”), a global leader in third-party venue and event management, to Legends, a global premium experiences company. The announcement follows the successful conclusion of the process to obtain required approvals for the sale transaction previously agreed to and announced by the parties in November of 2023.
“This transaction is the culmination of our vision to drive ASM’s growth and unlock substantial business value in the company. This milestone 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 Dan Beckerman, President, and Chief Executive Officer of AEG.
“We are pleased to complete our investment in ASM after having partnered with its management team and with AEG to expand the business, successfully navigate the pandemic and position it for future success,” said Kosty Gilis and Amir Motamedi, Managing Directors at Onex Partners. “We are confident Legends will deliver continued growth and differentiated services to its clients around the globe in the years ahead.”
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.
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 invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, insurance companies, family offices and high-net-worth individuals. In total, Onex has $49 billion in assets under management, of which $8.5 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey 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 www.onex.com. Onex’ security filings can also be accessed at www.sedarplus.ca.
For Further Information:
Michael Roth
VP, Communications, AEG
Tel: (310) 308-7684
mroth@aegworldwide.com
Jill Homenuk
Managing Director – Shareholder
Relations and Communications, Onex
Tel: (416) 362-7711
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