Silicon Valley-based technology investment firm Silver Lake has acquired Sydney, Australia-headquartered TEG, one of Asia Pacific’s leading live entertainment and ticketing companies.
Silver Lake has acquired TEG from funds advised by Affinity Equity Partners (S) Pte Ltd and its affiliates.
TEG’s senior management team, led by CEO Geoff Jones, will continue to lead the company and remain meaningful equity partners in the new ownership structure.
TEG operates as the exclusive ticketing provider for over 135 venue and promoter clients and delivers 30 million tickets annually for over 30,000 events spanning live sports, concerts, theatre, festivals, and exhibitions across more than 13 countries.
TEG promotes over 100 events annually: its TEG Live and TEG Dainty divisions have promoted shows and sporting events by Hugh Jackman, Guns N’ Roses, Eminem, Katy Perry, Cirque du Soleil, Jerry Seinfeld, the Brazil national football team, and the Australian debut of Intel Extreme Masters esports.
Terms of the transaction were not disclosed. The transaction is expected to close later this year and is subject to customary closing conditions including approval by the Australian Foreign Investment Review Board.
TEG was advised on this transaction by Goldman Sachs and King & Wood Mallesons.
Silver Lake was advised by Latham & Watkins and Corrs Chambers Westgarth.
“The team at Affinity have been great partners for us over the last four years and have helped us to continue to scale our business.”
Geoff Jones, TEG
“The team at Affinity have been great partners for us over the last four years and have helped us to continue to scale our business,” said Geoff Jones (pictured main), CEO of TEG.
“We are confident that Silver Lake is the right partner for the next stage of the company’s growth.
“Silver Lake brings us deep technology expertise as well as important global entertainment content and live events expertise and relationships which will help us to accelerate the growth of our platform globally.”
“We believe TEG’s innovative and integrated ticketing, content, digital marketing and analytics platform is well positioned to continue to benefit from increasing consumer demand worldwide.”
Stephen Evans, Silver Lake
Stephen Evans, Managing Director at Silver Lake added: “High quality live sports and entertainment content is more sought after now than ever and represents a massive global addressable market for the company.
“We believe TEG’s innovative and integrated ticketing, content, digital marketing and analytics platform is well positioned to continue to benefit from increasing consumer demand worldwide.
“We’ve been impressed by TEG’s long-term track record of growth under Geoff Jones, most recently in partnership with the Affinity team, both organically and through strategic acquisitions.
“We’re excited to partner with Geoff and the entire TEG team and invest further to leverage TEG’s platform and accelerate the company’s growth, both in Asia Pacific and globally.”Music Business Worldwide