Legends Hospitality is in talks with private credit firms to finance its potential acquisition of venue and events management company ASM Global, according to people with knowledge of the matter.
Sixth Street Partners-backed Legends has been in discussions with lenders including Apollo Global Management Inc., KKR & Co. and Oaktree Capital Management over the financing package, which would include a loan of around $1.5 billion, said the people, who asked not to be named because they’re not authorized to speak publicly. Part of the proceeds would be used to refinance existing debt, the people said.
Representatives for Legends, Sixth Street, ASM, Apollo, KKR and Oaktree declined to comment. LevFin Insights first reported some details of the financing earlier on Monday.
A potential acquisition would create a global juggernaut in the lucrative business of sports team and live venue management, which covers everything from new stadium planning and sponsorships to merchandise and food and beverage sales.
Legends counts the New York Yankees, the Dallas Cowboys and the Los Angeles Rams among its US clients. In Europe, it works with teams including Real Madrid, FC Barcelona, Liverpool FC, and Manchester City FC, according to its website. ASM Global operates a portfolio of over 350 venues around the world.
Author: Paula Seligson, Ryan Gould and Davide Scigliuzzo
