Facility management and venue services company ASM Global (ASM) has made its first major business move since its formation earlier this week by acquiring a 25% stake in Sydney-based stadium operator VenuesLive.
ASM has acquired the shareholding from technology company Techfront Australia, with the deal being approved by the government owners of the three main stadiums in VenuesLive’s portfolio. These are the 83,500-seat ANZ Stadium and 30,000-seat Bankwest Stadium in Sydney, as well as the 60,000-seat Optus Stadium (pictured) in Perth.
As a result of the investment, Harvey Lister, chairman and CEO of ASM Global in the Asia Pacific region, will join the board of VenuesLive. The day to day business of the company will remain under the direction of current directors and joint majority shareholders Daryl Kerry and Steve Heytman.
ASM launched on Tuesday following the completion of a merger between Onex-owned venue management services company SMG and AEG Facilities, the venue management subsidiary of sports and entertainment giant AEG.
Lister said that ASM’s investment in VenuesLive will guarantee more world-class music, family entertainment and sport content across a greater number of venues throughout Australia going forward.
In Asia Pacific, ASM currently manages the 12,000-seat Brisbane Entertainment Centre, the 52,500-seat Suncorp Stadium, the 21,000-seat Qudos Bank Arena in Sydney, the 8,500-seat First State Super Theatre at ICC Sydney, the 15,000-seat RAC Arena in Perth, and the recently opened 17,000-seat Coca-Cola Arena in Dubai.
The company’s portfolio also includes mid-sized arena spaces in Brisbane, Newcastle, Cairns, Darwin and soon Christchurch; along with convention and exhibition venues in Sydney, Brisbane, Cairns, Darwin, Newcastle, Christchurch, Kuala Lumpur and Muscat in Oman. The company is also the proponent for the 18,000-capacity Brisbane Live arena in the state’s capital.
Kerry, managing director of VenuesLive, said: “We look forward to the benefits that ASM Global’s investment in VenuesLive will bring, particularly in delivering additional events to the stadia we manage.”
Bob Newman, president and CEO of ASM Global, said the new shareholding arrangement would offer VenuesLive the opportunity to benefit from ASM’s worldwide network of partnerships with leading entertainment and sports providers.
He added: “The real winners from these developments are the fans who will be able to access a greater range of world-class content, services, amenities and technologies in more venues than ever before, across Australia.”