AEG has confirmed it has taken full ownership of ticketing platform AXS after buying out former partners Dan Gilbert and TPG Capital, the owner of Cirque du Soleil Entertainment Group.
AEG was a founding partner in the ticketing platform from its inception in 2011 and has now purchased all outstanding shares in the company, which provides ticketing services to over 167 professional sports teams and 300 venues around the world. AXS currently operates in North America and Europe and recently expanded into Japan.
AEG says the transaction will allow the company to capitalise on the projected growth of the global online event ticketing market, which is expected to reach more than $67 billion (£53.1bn) by 2025.
“In just over eight years, AXS now sells nearly 50 million tickets annually around the world and this acquisition positions both AEG and AXS for continued growth,” said Dan Beckerman, president and CEO of AEG. “As a team owner, music promoter and venue owner/operator, ticketing is core to AEG’s business and this transaction allows us to more closely align our global asset portfolio.
"As an AXS client, we are focused on delivering innovation and product development that enhances the fan experience and creates opportunities to integrate data and generate new revenue streams for all AXS clients.”
“This transaction aligns AXS with the strength of AEG’s global assets and operations to further expand our footprint and product offerings,” said Bryan Perez, CEO of AXS. “AEG’s significant investment is a clear endorsement of our business strategy, technical expertise and growth potential. Since 2011, our mission has been to transform the ticketing industry through innovative products, delivering the right ticket to the right fan and the right price and this transaction provides us the opportunity to accelerate that vision globally.”
LionTree Advisors acted as financial advisor to Cirque Du Soleil, Outbox Holdings and Flash Seats in connection with the deal.
AXS went live with its AXS Official Resale platform earlier this year, giving fans the option of reselling tickets at face value with a cap of no more than 10%.