UK Competition Authority clears planned merger between AEG Facilities and SMG

The UK’s Competition and Markets Authority has announced that it has cleared the proposed merger between global entertainment giants AEG Facilities and SMG.

Announced in February, the merger will create a new, standalone global facility management and venue services firm, called ASM Global.

Bringing together with more than 310 venues across five continents, ASM Global will operate a portfolio of arenas, stadiums, convention centres and performing arts centres.

SMG owner Onex and AEG’s subsidiary will each own 50% of the company following the completion of the merger.

ASM will be headquartered in Los Angeles in the USA, but will also maintain key operations at SMG's current base in West Conshohocken, Philadelphia, USA.

Current President of AEG Facilities Bob Newman will be named President and Chief Executive of ASM following the completion of the transaction, while Wes Westley, Chief Executive and President of SMG, will join ASM’s Board of Directors.

Welcoming the UK Competition Authority's announcement, AEG spokesperson Michael Roth advised "we are pleased that the proposed merger of AEG Facilities and SMG has received unconditional clearance from the U.K. Competition and Markets Authority."

Roth added that the parties now "anticipate closing the transaction in early October".