Hospitality and experiential group Legends has closed on its previously announced purchase of venue manager ASM Global, the company announced in an embargoed press release Friday.
ASM Global manages more than 300 venues, a business that Legends largely hasn’t been involved in, including NRG Stadium in Houston, Ovo Arena Wembley in London and Accor Stadium in Sydney.
The portfolio also includes arenas, theaters, convention centers and equestrian centers. ASM is also opening Kai Tak in Hong Kong, billed as the world’s largest sporting facility development.
ASM was sold by co-owners AEG—the venue arm of LA Kings owner Philip Anschutz’ business empire—and Onex Group, a Toronto-based private equity firm. Terms of the deal aren’t being disclosed, thoyugh trade publication VenuesNow reported last year the deal is worth at least $2.4 billion, citing unnamed sources. Finance industry publication Private Equity Insights reported last year that a consortium of lenders including Ares Management and KKR were seeking to provide Legends $1.85 billion in financing for the acquisition. Bond ratings agencies have separately noted recently they believe Legends is using debt to acquire ASM.
As previously reported, ASM is continuing to service venues owned by AEG. Including the Anschutz properties, ASM serves some 164 million customers annually through its management services across five continents. Legends was founded in 2008 by the Dallas Cowboys and New York Yankees as a concessions operator and has grown to offer a suite of marketing services, operational consulting and experiential hospitality services. Private equity firm Sixth Street bought 51% of the business in 2021, with the family owners of the two clubs splitting the minority stake.
Moelis & Company and BofA Securities advised Legends on the deal, with Ropes & Gray and the firm of Cleary Gottlieb Steen & Hamilton as legal counsel. ASM worked with Goldman Sachs and Jefferies on the financial side with legal services from Latham & Watkins, Hogan Lovells and Arnold & Porter.
