Oak View Group has completed its acquisition of Spectra, the venue management and hospitality provider, to create a full-service live events company.
OVG, the global venue development, advisory and investment company for sports and live entertainment sectors, originally announced the merger at the end of August.
The deal was able to be completed after approval from the Department of Justice, which did not identify antitrust concerns.
Tim Leiweke (pictured), chief executive of OVG: “Now that OVG’s acquisition of Spectra is complete, we can get down to the business of delivering an expanded highly competitive set of services that anticipate and meet the evolving needs of our global client base.
“We’ll begin the important process of fully integrating the talented team at Spectra and bringing together our two organisations to create something truly extraordinary in the live events and entertainment industry.”
The integration of OVG and Spectra will begin immediately with Chris Granger becoming the CEO of OVG Facilities from December 1.
Granger said: “Venues are incredible community assets, the very last town square, perhaps the remaining place where diverse people gather to laugh, to cheer, to sing, to dance, to dine, to conduct business, to protest, or to vote en masse.
“As the needs and uses of these venues continue to evolve, we will be there, with our clients, leading the way. We will respect the planet; we will mirror the diversity of the many communities in which we do business; and we will provide our fans and our clients with extraordinary service, indelible memories, and easy confidence in knowing that we can again, and forever, gather safely.”
OVG counts the recently opened Climate Pledge Arena at Seattle Center, UBS Arena in New York and Co-Op Live in Manchester among its clientele. The combined organisation will provide food and beverage services, marketing and sales support, health and safety solutions, leadership in sustainability and green operations as well as analytics and insights.
OVG will remain headquartered in Los Angeles, while Spectra’s headquarters will still be based in Philadelphia.
The financial terms of the deal were not disclosed.
Image: OVG