The merger between Onex-owned venue management services company SMG and AEG Facilities, the venue management subsidiary of sports and entertainment giant AEG, has been completed, the two companies announced today (Tuesday).
The merger will result in the creation of a new standalone global facility management and venue services company known as ASM Global (ASM).
ASM will be headquartered in Los Angeles and have key operations in West Conshohocken, a suburb of Philadelphia. Further offices will operate in London, Manchester, Brisbane and Sao Paulo.
ASM will operate more than 300 facilities, including arenas, stadia, convention and exhibition centres, performing arts centres and theatres, across five continents.
Bob Newman, the former president of AEG Facilities, becomes president and chief executive of ASM with immediate effect. Prior to joining AEG Facilities, Newman spent more than 20 years at SMG, most recently as a regional vice-president.
Wes Westley, the former chief executive and president of SMG, will focus his efforts on key strategic growth initiatives to ensure a seamless integration of the two companies.
Newman said: “This marks the beginning of an exciting new chapter in our industry and one that will establish a new standard of excellence in managing live experiences.
“Bringing together the combined global expertise of each company with the best content and cutting-edge technologies, we will be able to realise the full potential of the world’s greatest spaces, places and events, create amazing experiences for guests, offer exciting new opportunities to employees and deliver the highest value for all stakeholders. Equally important, our deep bench of talent and shared resources will enable ASM to accelerate innovation and capitalise on the growing market opportunities.”
Westley added: “I am very proud to have had the opportunity to lead such an incredible organisation as SMG. We have a long history of working closely with our public and private partners and are confident in our ability to continue to meet and exceed their expectations. ASM’s focus moving forward will be on providing added value and best-in-class services to its customers. We are well-prepared for a seamless integration process.”
AEG Facilities and SMG first announced plans to merge back in February and the agreement was cleared by the UK’s Competitions and Markets Authority (CMA) last month.
Onex, AEG and their respective affiliates are contributing their entire equity investments in SMG and AEG Facilities, respectively, into the combined business. Onex and AEG become equal co-owners of ASM.
ASM Global’s venue portfolio includes the likes of Brooklyn’s Barclays Center, New Orleans’ Mercedes-Benz Superdome (pictured), Manchester Arena and Dubai’s recently-opened Coca-Cola Arena.
Main image: Trahan Architects
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