Legends, the premium experiences company, has finalized its – previously announced – acquisition of major venue management and events firm ASM Global.
As a result of the acquisition, Legends will now be able to offer venue planning, development, and management services; content and event booking services; partnerships and premium ticketing services; and merchandise and hospitality services.
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As part of the transaction, it has been announced that previous ASM Global equity holders Onex and AEG have sold their full ownership interests. For the time being, ASM Global will continue to operate under its current name.
The announcement comes after Legends – earlier this month – agreed to pay $3.5 million to settle a lawsuit with the US Department of Justice (DOJ) over its initial acquisition of ASM Global. The DOJ had filed a civil lawsuit against the company in the Southern District of New York on August 5 alleging that it engaged in illegal premerger coordination in connection with the proposed acquisition and violated the Hart-Scott-Rodino Act (HSR).
Legends was alleged to have “exercised operational control over aspects of ASM during the HSR waiting period involving venue management services for an arena in California.”
Legends had first announced the acquisition last November.
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By GlobalDataASM manages live event entertainment venues including ICC Sydney Convention Center, Avicii Arena in Stockholm, OVO Arena Wembley in London, Coca-Cola Arena in Dubai, and State Farm Stadium in Arizona.
Moelis & Company and BofA Securities have served as financial advisors to Legends, while Ropes & Gray LLP and Cleary Gottlieb Steen & Hamilton LLP served as its legal counsel.
Goldman Sachs and Jefferies, meanwhile, served as financial advisors to ASM Global, and Latham & Watkins LLP, Hogan Lovells, and Arnold & Porter served as its legal counsel.
Dan Levy, chief executive of Legends, has said: “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 chief executive, added: “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.”
