The UK’s Competition and Markets Authority (CMA), has cleared the proposed merger between AEG Facilities and SMG.
Announced in February, the merger will create a new, standalone global facility management and venue services firm, called ASM Global.
ASM Global will operate a portfolio of arenas, stadiums, convention centers and performing arts centers, with more than 310 venues across five continents.
SMG owner Onex and AEG’s subsidiary will each own 50% of the company following the completion of the merger.
ASM will be headquartered in Los Angeles, but will also have wkey operations based in West Conshohocken, Philadelphia.
Current President of AEG Facilities Bob Newman will be named President and CEO of ASM following the completion of the transaction, while Wes Westley, Chief Executive Officer and President of SMG, will join ASM’s Board of Directors.
“We are pleased that the proposed merger of AEG Facilities and SMG has received unconditional clearance from the U.K. Competition and Markets Authority (CMA).”
Commenting on the clearance of the merger, an AEG spokesperson said: “We are pleased that the proposed merger of AEG Facilities and SMG has received unconditional clearance from the U.K. Competition and Markets Authority (CMA). The parties anticipate closing the transaction in early October.”Music Business Worldwide