ASM Global has expanded its interests in the Australian market with a strategic investment of a 25% shareholding in Sydney-based stadium operator VenuesLive.
Harvey Lister, chairman and CEO of ASM Global in the Asia Pacific region, will join the board of VenuesLive as a result of the deal, but the day to day business of the company will remain under the direction of current directors and joint majority shareholders Daryl Kerry and Steve Heytman.
Spanning five continents, ASM Global was officially formed earlier this week through the merger of venue operators AEG Facilities and SMG. Its portfolio includes more than 300 of the world’s arenas, stadiums, convention and exhibition centers and performing arts venues.
Bob Newman, president and CEO of ASM Global, said the new shareholding arrangement would offer VenuesLive the opportunity to benefit from ASM Global’s worldwide network of partnerships with leading entertainment and sports providers which will bring high profile content to the region.
“The real winners from these developments are the fans who will be able to access a greater range of world-class content, services, amenities and technologies in more venues than ever before, across Australia,” he said.
VenuesLive is a leading provider of management and hospitality services to venues and events. It operates three of Australia’s most iconic stadiums – the 83,500-seat ANZ Stadium (soon to undergo a major refurbishment) and the 30,000-seat Bankwest Stadium in Sydney, as well as the 60,000-seat Optus Stadium in Perth.
Approval for the acquisition has been granted by the government owners of the three stadiums.
Daryl Kerry, MD of VenuesLive, said: “We are excited about ASM Global’s investment in VenuesLive. We look forward to the benefits that ASM Global’s investment in VenuesLive will bring, particularly in delivering additional events to the stadia we manage."
In Asia Pacific, ASM Global currently manages the 12,000-capacity Brisbane Entertainment Centre, the 52,500-seat Suncorp Stadium, the 21,000-seat Qudos Bank Arena in Sydney, the 8,500-seat First State Super Theatre at ICC Sydney, the 15,000-seat RAC Arena in Perth, the recently opened 17,000-capacity Coca Cola Arena in Dubai; mid-sized arena spaces in Brisbane, Newcastle, Cairns, Darwin and soon Christchurch; and convention and exhibition venues in Sydney, Brisbane, Cairns, Darwin, Newcastle, Christchurch, Kuala Lumpur and Muscat in Oman.