Global restaurant and nightlife company Tao Group Hospitality has announced the acquisition of Hakkasan Group, a nightlife, daylife, and dining firm, for an undisclosed sum.
The deal sees the creation of a combined company that operates a global portfolio of 61 entertainment dining venues across 22 markets.
Despite the acquisition, Hakkasan’s executive team will continue to run its day-to-day operations under the direction of Tao Hospitality.
Noah Tepperberg, co-CEO at Hakkasan, said: “Hakkasan Group is a strong strategic fit with a venue portfolio that not only expands our US 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.”
He added that the partnership “provides a tremendous platform” to create new opportunities via the “combined scale”.
Madison Square Garden Entertainment (MSGE), who owns Tao, has also announced plans to build “state-of-the art” MSG Sphere venues in both London and Las Vegas as both groups continue to execute a venue expansion strategy.