February 11, 2019 Comments Off on AEG’s Facilities Management Division Merging with SMG Views: 1607 National News, West

AEG’s Facilities Management Division Merging with SMG

AEG Facilities and SMG plan to merge and create a new, standalone global facility management and venue services company that will operate as ASM Global. AEG Facilities is the venue management subsidiary of AEG, while SMG is a portfolio company of Canadian private equity firm Onex.

The company will operate a diversified portfolio of arenas, stadiums, convention centers and performing arts centers, with more than 310 venues across five continents. Onex and AEG’s subsidiary will each own 50% of the company following the completion of the transaction later this year.

ASM will be headquartered in Los Angeles, with key operations based in West Conshohocken, PA, a suburb of Philadelphia.

AEG will retain ownership of its real estate holdings outside of the venture, including its entertainment districts and owned venues in Los Angeles, London, Hamburg and Berlin, as well as its extensive development, sports, music and sponsorship divisions. Onex is contributing its entire equity investment in SMG into the merger.

Read more at AEG

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