TEG, which owns ticketing firm Ticketek and UK-based The MJR Group, has been acquired by California and New York-headquartered technology investors Silver Lake.
Under the agreement, TEG’s senior management team, led by chief executive Geoff Jones (pictured), will continue to lead the company and remain meaningful equity partners in the new ownership structure.
Silver Lake, whose other investments include Alibaba Group, Dell Technologies, WME’s parent company Endeavor, and the Madison Square Garden Company, today (Friday) signed a definitive agreement to acquire TEG from funds advised by Affinity Equity Partner and its affiliates. It manages assets worth $42.5bn.
TEG, the Sydney, Australia-headquartered live entertainment firm, operates as the exclusive ticketing provider for over 135 venue and promoter clients and delivers 30 million tickets annually for over 30,000 events spanning live sports, concerts, theatre, festivals, and exhibitions across more than 13 countries.
“The team at Affinity have been great partners for us over the last four years and have helped us to continue to scale our business,” said Jones.
“We are confident that Silver Lake is the right partner for the next stage of the company’s growth. Silver Lake brings us deep technology expertise as well as important global entertainment content and live events expertise and relationships which will help us to accelerate the growth of our platform globally.”
TEG promotes over 100 diverse events annually, with its TEG Live and TEG Dainty divisions having promoted shows from Guns N’ Roses, Eminem, Katy Perry, and Cirque du Soleil.
Stephen Evans, managing director at Silver Lake, added: “High quality live sports and entertainment content is more sought after now than ever and represents a massive global addressable market for the company. We believe TEG’s innovative and integrated ticketing, content, digital marketing and analytics platform is well positioned to continue to benefit from increasing consumer demand worldwide.
“We’ve been impressed by TEG’s long-term track record of growth under Geoff Jones, most recently in partnership with the Affinity team, both organically and through strategic acquisitions. We’re excited to partner with Geoff and the entire TEG team and invest further to leverage TEG’s platform and accelerate the company’s growth, both in Asia Pacific and globally.”
Terms of the transaction were not disclosed. The transaction is expected to close later this year and is subject to customary closing conditions including approval by the Australian Foreign Investment Review Board.