OAK VIEW AND SPECTRA JOIN FORCES

Tim Leiweke and Irving Azoff’s Oak View Group is merging with venue-management and hospitality provider Spectra, creating a live-events colossus. Financial terms of the deal were not disclosed.

Said Leiweke, sporting an official Seattle Kracken jersey, “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.”

Spectra CEO Dave Scott also prepared a quote for the occasion. “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,” he said without taking a breath. “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 and the OVG team to enhance the future of live events for our valued clients.”

According to the announcement, the combined company will provide industry-leading expertise in booking and creating content for the venues it manages, and it will be committed to sustainability across its business operations by harnessing the power of the entertainment and sports industries to inspire positive change robustly and at scale.

Expected to be finalized in Q4, the deal is subject to regulatory approval and other customary closing conditions. L.A.-based OVG and Philadelphia-based Spectra will remain in their current locations post-merger.

UBS Investment Bank acted as financial advisor and Kirkland & Ellis LLP as legal advisor to OVG. Moelis & Company LLC acted as exclusive financial advisor and Davis Polk & Wardwell LLP legal advisor to Spectra.