Legends acquires ASM Global

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New York & Los Angeles, 7th November: There has been a major acquisition in the venue management sector. Legends will acquire ASM Global to “create a premium live events company dedicated to providing outstanding experiences for fans around the world.”

Financial terms of the transaction were not disclosed, but according to industry sources the deal is worth more than US$2.4 billion. ASM Global sold for roughly 16 times its annual revenue EBITDA of US$150 million. According to Moody’s, ASM Global recorded revenues of US$594 million the preceding 12-months and had a 90% retention rate on its venue management deals.

Legends’ largest investor is a private equity firm, Sixth Street. ASM Global’s largest investor is Onex, a Canadian private equity firm which also owns Emerald Expositions. AEG was a small shareholder in ASM Global. AEG will also sell its stake.

Informa’s revenues rise 32% in first 10 months

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London, 14th November: Earlier this week, Informa PLC, the London-listed B2B media group, released its latest trading update highlighted by 32% growth of underlying revenue in the first 10 months of the year.

Informa’s events business performed particularly well. Informa Markets’ revenues rose 65%. Informa Connect was up 16% and Informa Tech 5.6%. Management also increased its 2023 full year forecast to revenues of £3.15 billion (up from £3.05 billion), and adjusted operating profit of £840 million (up from £790 million).

IAEE announces new president and CEO

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U.S., 14th November: After month than a six-month search, the U.S.-based, International Association of Exhibitions and Events (IAEE) has appointed Marsha Flanagan as its new president and CEO, effective on 1st December 2023. David duBois left the role of President and CEO after 11 years. He is now CEO of the Exhibitor Group, a publisher.

Flanagan has been with IAEE for 11 years. Before becoming CEO, she was Senior Vice President of Events & Learning Experiences at IAEE in which she was responsible for managing the majority of IAEE’s revenues. Prior to joining IAEE, Flanagan served in leadership roles at Promotional Products Association International and MPI.

Quick takes

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Alibaba completes acquisition of Visable

Alibaba has concluded its acquisition of Visable, a European business-to-business digital trade platform. AIDC, a wholesale marketplace platform, will operate in Europe with two brands, Alibaba and Visable which was formed in 2019 following merger of WLW and Europages, two European B2B platforms.

Bangkok hosts ICCA Congress

This week, the International Congress and Convention Association (ICCA) hosted its 62nd annual ICCA Congress in Bangkok. Most of the events were held at Queen Sirikit National Convention Center, but other venues such as BITEC also hosted activities. The congress is expected to bring more than 1,000 delegates from 80 countries to Thailand.

PATA and ICCA sign agreement

On the side lines of the ICCA Congress in Bangkok, PATA signed an MoU with ICCA agreeing to becoming dedicated partners in establishing meaningful connections between the two associations. They plan to “create joint programme content designed to nurture the business travel sector in Asia.”

Hong Kong is back hosting major events

Mix Meetings has a rundown of the latest events hosted in Hong Kong including the Gay Games (2,300 international participants), the Jumpstarter Festival, Hong Kong Fintech Week and the Global Financial Leaders’ Investment Summit.