An exterior shot of SoFi Stadium, one of the venues that counts as a partner ASM Global parent Legends. Photo Credit: Troutfarm27
The better part of a year (and one Justice Department lawsuit) later, self-described “premium experiences company” Legends has officially wrapped its ASM Global acquisition.
Legends announced the transaction’s completion today, after it and ASM Global inked a related “definitive agreement” in November of 2023. But a quick close wasn’t in the cards; towards the beginning of August, the DOJ formally disclosed the mentioned lawsuit against (as well as a proposed settlement with) Legends.
The government agency pointed to an alleged violation of the Hart-Scott-Rodino Act in the form of “illegal premerger coordination.” Legends, the Justice Department indicated, had allegedly exercised “operational control over aspects of ASM,” referring to venue services for an arena, during the Act’s mandatory “waiting period.”
Terms of the settlement include a $3.5 million penalty, the appointment of an antitrust compliance officer, and related obligations on the part of Legends, according to the DOJ. And while a multimillion-dollar fine is certainly nothing to scoff at, Sports Business Journal has attached a comparatively massive $2.3 billion price tag to the underlying buyout.
In any event, the development has evidently set the stage for the incorporation of ASM Global (itself the result of the 2019 merger of SMG and AEG Facilities) into Legends.
The latter already provides various venue, project, and hospitality services for the likes of SoFi Stadium, the New York Yankees, and Spotify-sponsored FC Barcelona, to name some.
Sixth Street remains Legends’ majority stakeholder “in partnership” with Dallas Cowboys owner Jerry Jones and Yankee Global Enterprises, the owner of the namesake MLB team and more. Meanwhile, ASM Global part-owners Onex and AEG are cashing out of their interests under the deal, with ASM Global poised to continue serving “existing and in-development AEG venues” moving forward.
Furthermore, ASM Global will keep its current name “for the time being,” per Legends, which was founded in 2008 and is touting its reach across the Americas, Europe, Africa, Asia, and Oceania alike.
“The next era of Legends starts now,” Legends CEO (and former longtime Meta exec) Dan Levy communicated. “Over the course of 15 years, we have developed an unmatched solution to deliver a superior fan experience and help our partners grow. We are proud to add ASM Global to deliver even better experiences and value for our global partners, setting the standard in sports and entertainment.”
