LOS ANGELES (CelebrityAccess) — The proposed merger of two venue management giants, AEG Facilities and SMG Worldwide, has been cleared by the UK anti-trust regular Competition and Markets Authority, clearing the way for the deal to complete as early as next month.
“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,” AEG said in a press statement on Wednesday.
The deal, which was first announced in February, will see the two companies merge into one standalone facility management and venue services company that will operate as ASM Global.
The combined company will operate an international venue portfolio of arenas, stadiums, convention centers and performing arts centers, with more than 310 venues across five continents.
a diversified portfolio of arenas, stadiums, convention centers and performing arts centers, with more than 310 venues across five continents.
Onex and AEG’s subsidiary will each own 50% of the company following the completion of the transaction. Following the completion of the transaction, Bob Newman, current President of AEG Facilities, will be named President and CEO of ASM. Wes Westley, Chief Executive Officer and President of SMG, will join ASM’s Board of Directors and help to guide the company during the merger.