Home Business News Silver Lake to start out searching for patrons for leisure and ticketing large TEG (report)

Silver Lake to start out searching for patrons for leisure and ticketing large TEG (report)

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Silver Lake to start out searching for patrons for leisure and ticketing large TEG (report)

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Silicon Valley-based expertise funding agency Silver Lake is getting ready a sale of Australia-headquartered dwell leisure and ticketing firm TEG, over three years after its acquisition.

The information was reported by The Australian on Monday (February 13), citing sources, with funding financial institution Jefferies reportedly tapped to deal with the sale.

Silver Lake is reportedly planning to promote TEG by way of an public sale concentrating on personal fairness corporations and can reportedly begin searching for patrons in April.

“It’s logical for personal fairness corporations to be the more than likely patrons,” reads the report, cited by The Music Community, including that chance awaits “for a method participant to be aggressive in an public sale.”

The Australian report came to visit two weeks after the Australian Monetary Assessment reported that Jefferies is warming up personal fairness funds for a TEG sale within the coming months.

AFR, which additionally cited sources, stated on January 30 that bankers had been getting ready large international buyout funds for the upcoming public sale.

It’s unclear how a lot TEG could be valued within the newest public sale, however AFR reported that corporations with out the capability to spend north of $2 billion won’t qualify.

Consumers may even should have workplaces globally that may watch TEG’s progress, AFR reported. The newspaper added that bankers have already reached out to the likes of The Carlyle Group, Blackstone, TPG Capital and different bigwigs for TEG’s public sale.

Silver Lake acquired TEG in October 2019 from funds suggested by Affinity Fairness Companions (S) Pte Ltd and its associates for an undisclosed sum. Sources informed The Music Community on the time that TEG was valued at over $1 billion in the course of the sale.

What attracted Silver Lake to TEG was its “progressive and built-in ticketing, content material, digital advertising and analytics platform,” that in line with Silver Lake Managing Director Stephen Evans, was “properly positioned to proceed to learn from rising client demand worldwide.”

Earlier than TEG was transferred to the arms of Silver Lake, Affinity purchased the agency from 9 Leisure for AUS $640 million ($443 million at present charges) in 2015. 

TEG operates plenty of companies within the dwell occasions, sports activities and ticketing area. Its subsidiaries embody TEG Dwell, TEG Sport, TEG Experiences, TEG Dainty, SXSW Sydney, TEG Van Egmond, TEG Rockefeller, Qudos Financial institution Enviornment, Ticketek, Softix, TicketCharge, TicketWorld, Ticketek Singapore and Ovation.

Previous to its sale to Silver Lake, TEG purchased UK-based occasion promoter and venue operator, The MJR Group.

Most lately in 2022, TEG launched TEG Europe, appointing concert events veteran Toby Leighton-Pope as its managing director. Leighton-Pope beforehand served as co-CEO of AEG Presents UK.

Nevertheless, simply months after the acquisition, TEG’s enterprise was hammered by the COVID-19 pandemic that swept by means of the worldwide dwell occasions sector.

TEG joined a nationwide marketing campaign in its house market of Australia in 2021, urging individuals to get vaccinated towards COVID-19 to convey again dwell occasions.

TEG Managing Director Tim McGregor stated present outbreaks made it “extremely difficult if not inconceivable” to see dwell occasions happening, The Sydney Morning Herald reported in September 2021.

The potential sale of TEG comes as dwell occasions have bounced again from the COVID-19 pandemic amid pent-up demand.

TEG rival Dwell Nation posted a 63% year-over-year leap in income within the third quarter of 2022 to $6.15 billion, because it delivered what it described because the “largest summer time live performance season in historical past.”

“Followers around the globe proceed prioritizing their spend on dwell occasions, notably concert events,” Dwell Nation President and CEO Michael Rapino stated in November.

Music Enterprise Worldwide

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