THE COMPETITION and Markets Authority (CMA) has cleared the proposed merger between venue management giants AEG Facilities and SMG.
Following the completion of the transaction, the Anschutz Entertainment Group (AEG) subsidiary and SMG will each own 50 per cent of the combined entity, which will be named ASM Global (ASM).
"We are pleased that the proposed merger ... has received unconditional clearance from the UK Competition and Markets Authority," says AEG in a statement. "The parties anticipate closing the transaction in early October."
ASM will bring together AEG Facilities' managed venues such as The SSE Arena – Wembley (cap. 12,750) in London and SMG venues including First Direct Arena (13,780) in Leeds, Manchester Arena (21,000) and Newcastle's Utilita Arena (11,000). The O2 (21,000) in London remains owned by AEG.
Together ASM will operate more than 310 venues across five continents.
Posted on: 26/09/2019Categories: News from Live UK