Oak View Group & Spectra To Merge
• Oak View Group (OVG), a global venue development, advisory, and investment company for the sports and live entertainment industries, and Spectra, one of the industry’s leading venue management and hospitality providers, announced a definitive agreement under which OVG and Spectra will merge to create a leader in the live events industry. Financial terms of the transaction were not disclosed.
Tim Leiweke, CEO of OVG (below, left), commented, “This merger brings together two dynamic leaders in the live events industry with complementary capabilities that will deliver a broad array of services to our clients. OVG’s core competencies in arena development and corporate sponsorships, coupled with Spectra’s leadership in food and beverage services will create a full-service live events company that will deliver a compelling and highly competitive set of offerings that meet our clients’ evolving needs. I look forward to collaborating with the talented team at Spectra and bringing together our two organizations to create something truly unique.”
Dave Scott, CEO of Spectra (right), said, “This is an exciting development for Spectra and an important step in our journey to provide unparalleled services to our clients along with exciting growth opportunities for our team members as part of a larger, more diverse organization. This merger accelerates our existing strategy and will lead to significant opportunities to cross-sell food, beverage and sponsorship services across our combined client base. I look forward to working with Tim, Irving [Azoff] and the OVG team to enhance the future of live events for our valued clients.”
OVG has deep partnerships with prominent venues, including Climate Pledge Arena in Seattle and the new UBS Arena in Belmont, NY, among others. Completion of the combination, which is expected in Q4 of this year, is subject to regulatory approvals and other customary closing conditions. Following the close of the transaction, OVG will remain headquartered in Los Angeles, and Spectra will remain based in Philadelphia.
UBS Investment Bank acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Oak View Group. Moelis & Company LLC acted as exclusive financial advisor and Davis Polk & Wardwell LLP acted as legal advisor to Spectra.
