Featured image credit: Legends
Legends has completed its takeover of ASM Global, stating its “next era starts now”.
Today’s (Friday’s) announcement comes after a deal was initially agreed in November. The two parties today said the conclusion of the takeover will create the world’s “preeminent premium live events company dedicated to providing fans with outstanding experiences globally”.
Together, the combined Legends and ASM Global operation will provide a data-driven, customisable solution across all areas of venue operations and revenue generation focused on the sports, entertainment, attractions, conventions, and leisure industries.
The Legends solution now includes venue planning, development, and management; content and event booking; partnerships and premium ticketing; and merchandise and hospitality services.
Founded in 2008, Legends has grown organically and through acquisition from a hospitality business to a service provider working with some of the leading brands in sports and entertainment.
Legends’ expanded geographic reach will now support partners across Africa, Asia, Europe, Oceania, and North and South America. For now, the two parties said ASM Global will continue to operate under its name.
Global investment firm Sixth Street is the majority investor in Legends in partnership with YGE Holdings, an affiliate of MLB franchise the New York Yankees, and Jones Concessions, a family company of Jerry Jones, owner of NFL team the Dallas Cowboys. As part of the transaction, previous ASM Global equity holders Onex and AEG have sold their full ownership interests.
Legends in November confirmed it had signed a “definitive agreement” to acquire ASM Global, with the deal set to create the world’s biggest third-party facility management company. At the time, it was believed that regulatory approvals were likely to push completion of the takeover until the first quarter of 2024.
News of a possible deal first emerged in July last year when it was reported that private equity firm Onex Corp, the 50% co-owner of ASM Global, had asked Goldman Sachs to oversee a formal sales process.
In September, it was reported that Ares Management and KKR & Co were among a group of private credit firms that had held talks with Legends over providing a $1.85bn (£1.41bn/€1.66bn) financing package to support the company’s potential acquisition of ASM Global.
ASM Global runs around 400 arenas, stadiums and convention centres worldwide, including a dozen NFL American football and NBA basketball venues, some of which are booking deals and other service agreements. AEG Facilities had owned the remaining 50% of ASM Global after it merged with the old SMG to form a standalone company in 2019.
Legends had specialised in offering planning, sales, partnerships, hospitality, merchandise and technology solutions.
Dan Levy, CEO of Legends, said today: “The next era of Legends starts now. Over the course of 15 years, we have developed an unmatched solution to deliver a superior fan experience and help our partners grow.
“We are proud to add ASM Global to deliver even better experiences and value for our global partners, setting the standard in sports and entertainment.”
Ron Bension, ASM Global president and CEO, added: “One of our ASM Global mantras for a number of years has been ‘the future is now.’ By joining Legends, that future has not only arrived, but it couldn’t be brighter.
“The opportunities created by our companies’ collective capabilities will elevate not only the success of our partners, clients, and projects worldwide but the industry as a whole.”
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