Industry News

TEG sale process to begin before end of year – report

Ticketek owner TEG could be set to change hands after parent company Affinity Equity Group appointed Goldman Sachs to run a trade sale process.

The Australian company, which is a leader in ticketing and live events, is expected to fetch around AUS$1.2bn (£700m/$950m/€800m) according to the Australian Financial Review.

As well as owning ticketing superpower Ticketek, TEG’s other subsidiaries include TEG Live, Softix, Eventopia and Sydney’s Qudos Arena.

It is believed that the auction for TEG, which was acquired by Asia-based private equity firm Afinity for $640m in 2015, will be launched before the end of the year.

Australian Financial Review suggests TEG could attract the interests of eBay, Eventim, Amazon and Telstra. Suitors could well be attracted by Ticketek’s database of 12 million consumers and annual ticket sales of 23 million to more than 20,000 events each year.

TEG recently set its sights on growth in Asia through the appointment of Ticketek’s New Zealand chief Brendon Bainbridge as the head of its new division in the region.

“There are so many opportunities opening up in the Asian entertainment market,” said Bainbridge. “I have complete confidence that TEG has the knowledge and technology platforms to make a big impact.

“This is a great export story about taking the know-how developed in Australia and New Zealand and competing on a global stage. I am thrilled to have this opportunity and I thank Geoff for his confidence in me.”

IMAGE: TEG/Nainoa Shizuru (logo added)

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