Phil Anschutz has opened bidding for AEG Live and is reportedly expecting bids for the company to be in the range of $10 billion. According to Reuters, AEG has sent out their initial 25-page memorandum that describes the business but does not include specific financial information to dozens of potential buyers.
A source close to the matter told Reuters that a range of bids are expected from rich individuals, rivals, sovereign wealth funds, real estate firms, and private equity firms.
The list of potential bidders includes John Malone's Liberty Media, Guggenheim Partners, Thomas H. Lee Partners LP, Bain Capital LLC and Colony Capital LLC. Individuals such as biotech billionaire Patrick Soon-Shiong have also been reported to be potential bidders.
Reuters sources also said that Anschutz intends to keep AEG intact through the sale process because he believes that the company is more valuable as a whole than broken down into individual units. AEG Live includes about 25,000 employees and 100 venues in cities around the globe, including the The Staples Center and L.A. Live in Los Angeles, the O2 Arena in London and the newly-opened Barclays Center in New York. - via CelebrityAccess