AEG Facilities and SMG have merged to create a new, standalone global facility management and venue services company that will operate as ASM Global.<\/p>\n
The new company will operate a portfolio of arenas, stadiums, convention centers and performing arts centers, with more than 310 venues across five continents.<\/p>\n
SMG owner Onex and AEG\u2019s subsidiary will each own 50% of the company following the completion of the transaction, the terms of which were not disclosed.<\/p>\n
ASM will be headquartered in Los Angeles, with key operations based in West Conshohocken, Philadelphia.<\/p>\n
Following the completion of the transaction, Bob Newman, current President of AEG Facilities, will be named President and CEO of ASM.<\/p>\n
Wes Westley, Chief Executive Officer and President of SMG, will join ASM\u2019s Board of Directors, where he will actively support the merger integration.<\/p>\n
AEG will retain ownership of its real estate holdings outside of this venture, including its entertainment districts and owned venues in Los Angeles, London, Hamburg and Berlin, as well as its extensive development, sports, music and sponsorship divisions.<\/p>\n
Onex is contributing its entire equity investment in SMG into the merger.<\/p>\n
The transaction is expected to be completed later this year subject to customary closing conditions and regulatory approvals.<\/p>\n
\u201cThis merger is a major step for our industry. We are excited to bring together these complementary businesses to further elevate the standard of excellence in venue management.”<\/p>\n
Wes Westley, SMG<\/span><\/p><\/blockquote>\n
Westley said: \u201cThis merger is a major step for our industry. We are excited to bring together these complementary businesses to further elevate the standard of excellence in venue management.<\/p>\n
“We plan to accelerate innovation by combining our expertise to deliver increased value and offer enhanced capabilities to municipalities and venue owners worldwide.<\/p>\n
“At the same time, we expect that this transaction will offer employees at both our corporate headquarters and field operations tremendous new opportunities.\u201d<\/p>\n
\u201cIt is an honor and privilege to be a part of this exciting new company, which brings together the two organizations where I have worked for the bulk of my professional career.”<\/p>\n
Bob\u00a0Newman,\u00a0AEG Facilities<\/span><\/p><\/blockquote>\n
Newman added: \u201cIt is an honor and privilege to be a part of this exciting new company, which brings together the two organizations where I have worked for the bulk of my professional career.<\/p>\n
“This transaction draws upon the depth of our combined talent and resources to create an organization that will deliver value and long-term success, as well as innovative services to our clients around the world.\u201d<\/p>\n
\u00a0\u201cAEG Facilities has flourished under Bob\u2019s leadership since it was established a decade ago and this combination will position ASM for growth by joining the resources and talents of these two companies.”<\/p>\n
Dan Beckerman, AEG<\/span><\/p><\/blockquote>\n
Dan Beckerman, President and Chief Executive Officer of AEG, said: \u201cAEG Facilities has flourished under Bob\u2019s leadership since it was established a decade ago and this combination will position ASM for growth by joining the resources and talents of these two companies.<\/p>\n
“ASM will offer an impressive array of capabilities that will accelerate the development and deployment of new services and bring diverse business, sports and entertainment experiences to municipalities, partners and fans around the world.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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