Tao Group Hospitality has announced its acquisition of Hakkasan Group, thus establishing a new hospitality powerhouse operating a combined 61 entertainment, dining, and nightlife venues in 22 markets across five continents. The acquisition will further empower both companies to expand their global footprints.
Hakkasan’s executive team will continue to oversee day-to-day operations for Hakkasan properties under the direction of Tao Group, led by co-CEOs Noah Tepperberg and Jason Strauss.
“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,” Tepperberg says. “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.”
“Despite the challenges caused by the pandemic, we know there’s a real desire by people around the world to gather once again,” Strauss adds. “As indoor dining and other hospitality experiences start to return to regular operations, we believe our newly combined company will be well-positioned to take advantage of this pent-up demand, setting the stage for long-term growth.”
Once the deal is completed, Tao Group Hospitality will own a majority of the newly combined company, and Madison Square Garden Entertainment Corp. (MSG Entertainment), which owns a controlling interest in Tao Group Hospitality, will therefore own a controlling, indirect interest of the new joint company.
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