Legends acquires ASM Global

New York & Los Angeles, 7th November: There has been a major acquisition in the venue management sector. Legends will acquire ASM Global to “create a premium live events company dedicated to providing outstanding experiences for fans around the world.”

Financial terms of the transaction were not disclosed, but according to industry sources the deal is worth more than US$2.4 billion. ASM Global sold for roughly 16 times its annual revenue EBITDA of US$150 million. According to Moody’s, ASM Global recorded revenues of US$594 million the preceding 12-months and had a 90% retention rate on its venue management deals.

Legends’ largest investor is a private equity firm, Sixth Street. ASM Global’s largest investor is Onex, a Canadian private equity firm which also owns Emerald Expositions. AEG was a small shareholder in ASM Global. AEG will also sell its stake.