USA-based private equity firm Silver Lake has been reported as look at the sale of its Australian-based ticketing and live entertainment business TEG.
According to reports in The Australian and the Australian Financial Review (AFR), the technology, sport and entertainment investor, which also has stakes in New Zealand Rugby and Australia’s A-Leagues, has been discussing sales strategies for TEG with investment banks looking find who may be interested in acquiring the business.
With Ticketek prospering in the post pandemic economy as consumers return to live events, the AFR suggested that TEG is “likely to attract interest from other buyout groups, most of who are flush with cash and desperately seeking investments, although Silver Lake’s best chance of a big pay day would be to secure another global-focused events group”.
Formerly owned by Nine Entertainment, Silver Lake acquired TEG in late 2019 from pan-Asian investment firm, Affinity Equity Partners, in a deal worth around $US1.3 billion.
It then sold a minority stake to Sydney private equity firm Mercury Capital.
With TEG impacted by the lockdown of live entertainment during the pandemic, it has undertaken a number of acquisitions under Silver Lake’s ownership, including stakes in theatre company Michael Cassel Group and Laneway Festival as well as expanding in Europe.
With offices in Silicon Valley, California and New York, USA Silver Lake’s other investments include Madison Square Garden, the Ultimate Fighting Championship (UFC), Dell Technologies and the Alibaba Group.
Image credit: Ticketek.
About the author
Nigel Benton
Co-founder/Publisher, Australasian Leisure Management
Nigel Benton is the co-founder and Publisher of Australasian Leisure Management, Australia and New Zealand’s only magazine for professionals in all areas of the leisure industry. Having established the magazine in 1997, shortly after his relocation to Australia, he has managed its readership rising to over 11,500 and its acceptance as the industry journal for professionals in aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues.
In 2020, he launched the new Asian Leisure Business website.
Among a range of published works and features, his comments on a Blog (blogspot) from 2007 to 2011, when this website went live in its current form, may be interesting to reflect back on.
Click here to connect with him via LinkedIn.
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