Patrick Soon-Shiong Along with Guggenheim Partners to Bid for AEG
By Community | September 26, 2012
American investor Patrick Soon-Shiong has joined forces with financial services group Guggenheim Partners to prepare a bid for Anschutz Entertainment Group (AEG), owner of The O2 complex on Greenwich Peninsula and LA’s Staples Center.
AEG operates entertainment venues across the world and in most key US markets.
AEG said last week that it was exploring a sale of the company and had retained Blackstone Advisory Partners to assemble a list of potential bidders.
This could result in the break-up of the group, which includes one of the world’s biggest concert promoters as well as stakes in sports teams such as LA Galaxy football team, which David Beckham plays for, and a wide-ranging property portfolio.
The group, owned by founder Phil Anschutz, has been valued at more than $6bn (£3.6bn).
Soon-Shiong’s interest in the firm is thought to have been increased by AEG’s planned construction of a new American Football stadium in downtown Los Angeles, raising the prospect that he could help bring back a NFL franchise to the city.