Legends “in talks” to acquire ASM Global – reports

ASM Global’s portfolio includes Allegiant Stadium

Featured image credit: Tomás Del Coro / CC BY-SA 2.0 / Edited for size

Legends is reportedly in discussions to acquire venue management giant ASM Global in a deal that would see it become the world’s biggest third-party facility manager.

Neither party has commented on the talks reported by VenuesNow, which come soon after a Mergermarket story that said private equity firm Onex Corp, which owns 50% of ASM Global, had asked Goldman Sachs to oversee a formal sales process for the company.

The VenuesNow report on New York-headquartered Legends and New York City’s ASM Global said it is unclear at this point where both parties are in the process of a potential merger, whether a deal has been signed and when it would officially be announced.

In May, Mergermarket said Onex and Goldman Sachs, serving in an advisory role, invited a limited number of prospective buyers to express interest in ASM. The group would be pitched to suitors off projected EBITDA in the region of $250m, the report said.

ASM Global runs around 350 arenas, stadiums and convention centres worldwide, including a dozen NFL and NBA venues, some of which are booking deals and other service agreements. AEG Facilities owns the remaining 50% of ASM Global after it merged with the old SMG to form a standalone company in 2019.

Legends offers planning, sales, partnerships, hospitality, merchandise and technology solutions. The merger would effectively add facility operations as the final piece of Legends’ 360-degree business model.

Legends president and chief executive Shervin Mirhashemi was once president of AEG Global Partnerships during a 12-year spell with AEG before he departed for Legends in 2013.

Legends is currently leading planning, project management, hospitality, sales and partnerships for the new $1.4bn (£1.1bn/€1.3bn) Buffalo Bills stadium.

ASM Global’s portfolio includes Allegiant Stadium in Las Vegas, Friends Arena in Stockholm and Kai Tak Sports Park in Hong Kong.

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