Officials with AEG Facilities — the owner of the Los Angeles Convention Center and Staples Center — announced the finalization Tuesday of a major merger with portfolio company SMG, with the new comp[any to be named ASM Global.
The two large entertainment facility management companies and their respective affiliates are contributing their entire equity investments to ASM and are now equal co-owners of the entertainment venue company.
The intent of the merger was first announced in February.
Bob Newman, former president of AEG Facilities, has been named president and CEO of ASM, effective immediately, officials said.
“This marks the beginning of an exciting new chapter in our industry and one that will establish a new standard of excellence in managing live experiences,” Newman said. “Bringing together the combined global expertise of each company with the best content and cutting-edge technologies, we will be able to realize the full potential of the world’s greatest spaces, places and events, (and) create amazing experiences for guests.”
Prior to joining AEG Facilities, Newman spent more than 20 years at SMG, last serving as a regional vice president for the company.
ASM operates various arenas, stadiums, convention and exhibition centers, performing arts centers, theaters and other venues with more than 300 facilities across five continents.
Wes Westley, former CEO and president of SMG, will focus his efforts on key strategic growth initiatives and ensuring a seamless integration.
“I am very proud to have had the opportunity to lead such an incredible organization as SMG,” Westley said. “We have a long history of working closely with our public and private partners and are confident in our ability to continue to meet and exceed their expectations.”
Calls to ASM regarding the terms of the merger were not immediately returned.
ASM is headquartered in Los Angeles with key operations based in West Conshohocken, Penn., a suburb of Philadelphia. The company also has corporate offices in London and Manchester in England; Brisbane, Australia; and Sao Paulo, Brazil.
AEG is the venue management affiliate of Los Angeles-based Anschutz Entertainment Group Inc., and SMG is a portfolio company of Onex.