MSG buys 62.5% stake in Tao Group
The Madison Square Garden Company has paid $181m to acquire a majority stake in the US restaurant and nightclub group
News By | 1 February 2017
The Madison Square Garden Company (MSG) has acquired a majority stake in restaurant and nightclub owner Tao Group.
Las Vegas-based Tao, which owns and operates hospitality venues in New York, Las Vegas and Sydney, was reported in spring 2015 to be seeking a buyer for a stake in the business, then valued at up to US$500 million.
The deal, announced today, sees MSG pay $181m for a 62.5% interest in the company, with its management retaining the remaining stake.
“Tao Group is a unique and attractive business that furthers our focus on the ‘live experience’ while also exposing us to new areas of growth,” comments MSG executive chairman James L. Dolan. “Tao Group is creating the most innovative premium experiences in the entertainment dining and hospitality industry;…
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