Onex to back merger creating facility and venue manager ASM

AEG Facilities, an affiliate of AEG, and SMG, a portfolio company of Onex Corp, have agreed to merge, creating ASM Global, a standalone facility management and venue services business. Terms weren't released for the deal, which will see Onex, a Canadian private equity firm, and AEG Facilities each own 50 percent of the new company. Based in Los Angeles, ASM will operate a portfolio of arenas, stadiums, convention centres and performing arts centres, with more than 310 venues across five continents. Onex, which acquired SMG last year from Ares Capital Corp, reportedly for about US$1 billion, is committing its entire investment to the merger.

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