Facility management and venue services company ASM Global (ASM) has made its first major business move since its formation earlier this week by acquiring a 25 per cent stake in Sydney-based stadium operator VenuesLive.
ASM has acquired the shareholding from technology company Techfront Australia, with the deal being approved by the government owners of the three main stadiums in VenuesLive’s portfolio. These are the 83,500-seat ANZ Stadium and 30,000-seat Bankwest Stadium in Sydney, as well as the 60,000-seat Optus Stadium (pictured) in Perth.
As a result of the investment, Harvey Lister, chairman and CEO of ASM Global in the Asia Pacific region, will join the board of VenuesLive. The day to day business of the company will remain under the direction of current directors and joint majority shareholders Daryl Kerry and Steve Heytman.
ASM launched on Tuesday following the completion of a merger between Onex-owned venue management services company SMG and AEG Facilities, the venue management subsidiary of sports and entertainment giant AEG.
For the full story, head over to TheStadiumBusiness.com