Legends completes ASM Global takeover

Sport, entertainment and venues service provider Legends has announced the completion of its US$2.3 billion acquisition of ASM Global, to create what it calls “the world’s preeminent premium live events company dedicated to providing fans with outstanding experiences globally”.

Initially agreed in November, the deal had been subject to a regulatory review during which Legends was requited to pay a US$3.5 million penalty as part of a legal settlement with United States Department of Justice (DOJ) over alleged ‘gun jumping’ breaches of antitrust rules.

Today’s announcement sees the two parties advise that their “next era starts now”, in providing “a data-driven, customisable solution across all areas of venue operations and revenue generation focused on the sports, entertainment, attractions, conventions, and leisure industries”.

Commenting on the acquisition, Legends Chief Executive, Dan Levy advised “over the course of 15 years, we have developed an unmatched solution to deliver a superior fan experience and help our partners grow.

“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.”

ASM Global President and Chief Executive, Ron Bension added “one of our ASM Global mantras for a number of years has been ‘the future is now.’ By joining Legends, that future has not only arrived, but it couldn’t be brighter. 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.”

Founded in 2008, Legends has grown through acquisition from a hospitality business to an industry-leading service provider working with leading sport and entertainment brands.

Its expanded geographic reach will now support partners across Africa, Asia, Europe, Oceania, and North and South America - providing the benefits of global scale with unparalleled local expertise.

Sixth Street, a leading global investment firm with more than $75 billion in assets under management, is the majority investor in Legends in partnership with YGE Holdings, LLC, an affiliate of the New York Yankees, and Jones Concessions LP, a Jerry Jones family company.

As part of the transaction, previous ASM Global equity holders Onex and AEG have sold their full ownership interests.

Legends’ statement on the acquisition advised that “for the time being, ASM Global will continue to operate under its name”.