The Competition And Markets Authority (CMA) has cleared the proposed merger between AEG Facilities and SMG.
The venue giants announced their intention to join forces to form ASM Global, a new standalone global facility management and venue services behemoth, which would operate more than 310 venues across five continents.
"We are pleased that the proposed merger of AEG Facilities and SMG has received unconditional clearance from the UK Competition And Markets Authority," said an AEG spokesperson. "The parties anticipate closing the transaction in early October.”
AEG Facilities is the venue management subsidiary of AEG, while Onex-owned SMG is the parent company of Manchester-based SMG Europe.
The CMA launched its phase 1 investigation following the European Commission’s decision to partially refer the case to the UK, to consider whether the deal would result in a "substantial lessening of competition".