The owner of ATG is reportedly close to finalising a deal to buy Ticketek’s parent company.
The Australian newspaper said Providence Equity Partners, which bought ATG for around £350m in 2013, is close to acquiring Sydney-headquartered TEG Group from Affinity.
Providence is a US-based investment fund with access to more than $50bn. It already owns ATG, which is one of the world’s biggest theatre groups and theatre ticket sellers.
The Australian reports that a number of other US-based suitors are still involved in the race for TEG, with Kohlberg Kravis Roberts, The Carlyle Group, Bain Capital and Blackstone named. PAG Asia Capital, based in Hong Kong, is also believed to still be in the running.
The Australian claims Affinity wants around $930m for the company, which would be around double the $497m it paid for TEG two years ago.
Ticketek, which is a market leader in Australia, sells around 30 million tickets a year thanks to partnerships with major venues such as the MCG and ANZ Stadium.
Image: Ticketek
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