Following approval by the department of justice, Oak View Group (OVG) has completed the transaction to acquire Spectra. "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", Tim Leiweke, CEO of OVG, said. "We'll begin the important process of fully integrating the talented team at Spectra and bringing together our two organisations."
Integration of the two companies is expected to begin immediately with Chris Granger at the helm beginning December 1 as the new CEO of OVG Facilities, a division of the Oak View Group focused on providing full-service venue management expertise, event programming, and now food and beverage solutions to arenas, stadiums, and convention centres, on a global basis.
„We can get down to the business of delivering. “
Granger said, "Venues are incredible community assets, the very last town square. 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."
Completion of the combination was subject to regulatory approvals and other customary closing conditions. Following the close of the transaction, OVG will remain headquartered in Los Angeles, with the headquarters for Spectra remaining in Philadelphia.