Oak View Group and Spectra have unveiled merger plans which will create a leader in the live events industry.

OVG, a global venue development, advisory, and investment company for the sports and live entertainment industries struck the deal with Spectra, one of the industry's leading venue management and hospitality providers.

Founded in 2015 by industry veterans Tim Leiweke and Irving Azoff, OVG specializes in real estate venue development and financing, sponsorship sales and partnership management, media and content and facilities management and security. 

The company is currently developing Co-Op Live in Manchester, England.

OVG also has deep partnerships with prominent venues, including major league facilities such as Climate Pledge Arena (Seattle) and UBS Arena (Belmont, NY), among others.

Spectra has positioned itself as an industry leader by helping clients maximise venue budgets and operations, optimise sales and marketing, elevate relationships with top promoters and meeting planners, connect with fans and the community, and implement industry best practices to effectively and efficiently host extraordinary live events and entertainment.

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. Tim Leiweke, CEO of OVG, commented: 

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.

Dave Scott, CEO of Spectra, said: 

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. 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.

Completion of the combination, which is expected in the fourth quarter of this year, is 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.