MSGE - Tao Group Hospitality combines with Hakkasan Group

Tao Group Hospitality, part of Madison Square Garden Entertainment ([[MSGE]] -0.7%) has acquired Hakkasan Group for creating a premium hospitality that includes a global portfolio of brands and properties.The newly combined company operates 61 entertainment dining and nightlife venues in 22 markets across five continents and features a collection of widely recognized hospitality brands.For the transaction, Tao Group Hospitality issued equity from one of its subsidiaries for the acquisition from Hakkasan USA.With the completion of the deal, Tao Group Hospitality owns a majority of the newly combined company.Co-CEO Noah Tepperberg commented, “Hakkasan Group is a strong strategic fit with a venue portfolio that not only expands our U.S. presence, but gives us an important foothold in key global destinations. Over the last 20 years, Hakkasan Group has built some of the most successful brands in the hospitality industry. This partnership provides a tremendous platform to use our combined scale to create new opportunities that drive value.”

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Tao Group Hospitality combines with Hakkasan Group