The closing of the transaction is not conditioned on the receipt of financing. (1)Ĭompletion of the sale is subject to customary closing conditions. In fiscal 2022, Tao Group Hospitality generated approximately $485 million in revenue, $37 million in operating income, and $67 million in adjusted operating income.
Since MSG Entertainment acquired a majority interest in 2017, Tao Group Hospitality has transformed into a global powerhouse in entertainment dining and hospitality, with a portfolio of over 80 branded locations in over 20 markets across four continents.
Today’s announcement follows a successful bidding process with multiple parties. Upon completion of the sale of its majority interest, MSG Entertainment expects to receive net cash proceeds of approximately $300 million. The transaction is expected to close in May. (NYSE: MSGE) (“MSG Entertainment” or “Company”) today announced that it has agreed to sell its 66.9% majority interest in Tao Group Hospitality to Mohari Hospitality, a global investment company focused on the luxury lifestyle and hospitality sectors, in a transaction that values Tao Group Hospitality at $550 million. NEW YORK-( BUSINESS WIRE)-Madison Square Garden Entertainment Corp.
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