LEGENDARY ACQUISITION: Deal is for a reported $2.4 billion-plus.
ASM Global runs about 350 arenas, stadiums and convention centers
Legends has completed its acquisition of ASM Global for a reported $2.4-plus billion.
The acquisition had been announced in November, but was pending regulatory approvals.
VenuesNow broke the news in July of 2023.
The combination forms a company with a major food and beverage component and convention centers and venues around the globe, expanding Legends’ services to facility management. ASM Global runs about 350 arenas, stadiums and convention centers worldwide.
AEG and Onyx, a Toronto-based private equity firm, and which both held equity in ASM Global, were to sell their interests, while ASM Global will continue to run its existing buildings and “in-development” AEG venues, according to a press release issued in November.
Previous ASM Global equity holders Onex and AEG have sold their full ownership interests as part of the transaction, according to today’s announcement.
Sources said AEG will maintain a piece of ASM Global’s contract to run Allegiant Stadium, to prevent the Las Vegas Raiders, the primary tenant, from executing an escape clause triggered by a sale of the company. The clause would allow the NFL team to approve a transfer of Allegiant’s management to another firm.
Sources told VN in November that AEG has a deal with Legends to provide concerts and other content at venues operated by ASM Global.
Legends was founded in 2008 by NFL Dallas Cowboys owner Jerry Jones and the New York Yankees nad has quickly grown global partnerships.
ASM Global will continue to operate under its name “for the time being,” according to the announcement of the acquisition’s completion.
Sixth Street is the majority investor in Legends in partnership with Yankees affiliate YGE Holdings Jones Concessions, a Jerry Jones family company. Previous ASM Global equity holders Onex and AEG have sold their full ownership interests as part of the transaction.
Moelis & Company and BofA Securities were financial advisors to Legends and Ropes & Gray and Cleary Gottlieb Steen & Hamilton provided Legends legal counsel. Financial advisers to ASM Global included Goldman Sachs and Jefferies. Latham & Watkins, Hogan Lovells,and Arnold & Porter served as the company’s legal counsel. Gibson, Dunn & Crutcher served as legal counsel to YGE Holdings and Jones Concessions.
(EDITOR’S NOTE: this story has been updated.)