AEG Facilities, the venue management subsidiary of AEG, has announced it will merge with venue management company SMG to create a new global management company, ASM Global.
AEG’s Australian entity AEG Ogden currently manages convention centres and indoor entertainment arenas across Australia and the world, including ICC Sydney, Qudos Bank Arena, RAC Arena in Perth, Brisbane’s Suncorp Stadium and Brisbane Entertainment Centre.
The venues will become part of a stable of more than 310 venues across five continents under the new ASM Global banner.
ASM Global will be headquartered in Los Angeles, while the Asia Pacific head office will remain in Australia under the leadership of the AEG Ogden executive team.
Bob Newman, current president at AEG Facilities and formerly a regional vice president at SMG, said it is an honour to be a part of this new company.
“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.”
Wes Westley, CEO and president at SMG, said the merger is a major step for the industry.
“We are excited to bring together these complementary businesses to further elevate the standard of excellence in venue management,” he said.
“We plan to accelerate innovation by combining our expertise to deliver increased value and offer enhanced capabilities to municipalities and venue owners worldwide.
“At the same time, we expect that this transaction will offer employees at both our corporate headquarters and field operations tremendous new opportunities.”
Following the completion of the transaction, Newman will be named president and CEO of ASM, while Westley will join ASM’s board of directors, where he will actively support the merger integration.
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. Onex, the parent company of SMG, is contributing its entire equity investment in SMG into the merger.
The transaction is expected to be completed later this year subject to customary closing conditions and regulatory approvals.