US-based hospitality and events company Legends has acquired venue operator ASM Global in a deal which will see the former "expand its geographic reach and range of services as it continues to innovate and create data-driven solutions tailored to the needs of each individual client".
"By adding ASM Global’s complementary capabilities", an official statement continues, "Legends will be able to support its clients from project conception and planning to venue development and management, content and event booking, revenue strategy and sales execution, as well as omnichannel merchandising and hospitality services".
ASM Global - which manages UK venues like the Wembley Arena in London, Hydro Arena in Glasgow and Bridgewater Hall in Manchester - was created in 2019 by the merger of AEG Facilities and SMG. As a result of that deal it became a joint venture co-owned by the AEG live entertainment group and Onex, the private equity outfit that had bought SMG in 2017. Both AEG and Onex are selling their respective stakes in this new deal with Legends.
Legends began in 2008 as an operator of concessions at sports venues in the US, but has since grown the services it offers to venues, and the sports and entertainment industries more generally. The ASM acquisition will greatly expand its work in venue management. Although ASM Global will no longer have AEG as a shareholder, it will still provide services to some of the live giant's venues.
The value of the deal has not been confirmed, although sources recently told Bloomberg that Legends was in discussions with private credit firms about securing a $1.85 billion financing package to fund an ASM deal and refinance existing debts.
