AEG and Onex Partners Complete Sale of ASM Global to Legends
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AEG and Onex Partners Finalize Sale of ASM Global
AEG, a global leader in sports and live entertainment, along with Onex, an established alternative asset manager, announced the completion of the sale of ASM Global to Legends. This strategic move aligns with AEG's focus on enhancing its core businesses and leveraging its extensive portfolio in live entertainment.
A Vision for Growth and Value Creation
According to Dan Beckerman, AEG's President and CEO, this transaction marks a significant step in ASM's evolution and the broader strategy for AEG. By divesting its interest in ASM, AEG aims to invest further in its owned and operated real estate, including venues and ticketing initiatives which play a crucial role in their operations.
Onex's Role and Expectations
Onex leaders Kosty Gilis and Amir Motamedi expressed their satisfaction with the partnership that fostered ASM’s growth while skillfully navigating through difficult times. They foresee Legends continuing to advance ASM's legacy by providing unique services to their diverse clientele internationally.
About ASM Global
ASM Global is renowned for managing a vast array of event venues globally, focusing on premier management services that cater to over 164 million guests each year. The synergy created through its relationship with Legends stands to enhance various operational facets, delivering remarkable experiences and hospitality services for events spanning different entertainment categories.
Overview of AEG's Operations
Headquartered in Los Angeles, California, AEG holds a dominant position in the sports and live entertainment industry through various segments:
AEG Presents
This division is dedicated to live contemporary music, encompassing production, promotion of global concert tours, and organizing large-scale music festivals like the Coachella Valley Music and Arts Festival.
Venues and Real Estate
AEG develops and operates renowned venues, including prominent locations like Crypto.com Arena and L.A. LIVE, further establishing them as key players in sports entertainment districts.
Sports Operations
With control over multiple high-profile sporting events and franchises, AEG operates the LA Kings and LA Galaxy, cementing its reputation in the sports sector.
Global Partnerships
AEG's Global Partnerships division handles sponsorship sales across various verticals, optimizing their brand collaborations and customer engagement strategies.
Onex: A Global Investment Leader
Founded in 1984, Onex is a well-respected investment management firm with a diverse client base that includes pension plans and high-net-worth individuals. With around $49 billion in assets under management, Onex remains committed to creating shareholder value through intelligent investment choices.
Contact Information
For additional inquiries, please reach out to:
Michael Roth
VP, Communications, AEG
Tel: (310) 308-7684
Email: mroth@aegworldwide.com
Jill Homenuk
Managing Director – Shareholder Relations and Communications, Onex
Tel: (416) 362-7711
Frequently Asked Questions
What is the recent transaction involving AEG and Onex?
AEG and Onex have completed the sale of ASM Global to Legends, enhancing their strategic focus on core business areas.
What benefits does ASM Global's sale bring to AEG?
This sale allows AEG to refocus on its core operations within live entertainment, real estate, and venue management.
What services does ASM Global provide?
ASM Global specializes in venue management and operation services for live events, serving millions of guests annually worldwide.
Who will manage ASM Global post-sale?
Legends will take over the management of ASM Global, leveraging their resources and expertise to drive future growth.
What is Onex’s investment strategy?
Onex focuses on creating long-term value for its shareholders through strategic investments across multiple sectors globally.
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