US-based Tao Group Hospitality has acquired the Hakkasan Group for an undisclosed sum, creating what it describes as a ‘premium hospitality powerhouse'.
The combined company operates 61 entertainment, dining and nightlife venues in 22 markets across five continents, including the Michelin starred Hakkasan Mayfair and Hakkasan Hanway Place (pictured) restaurants in London.
Other brands under the group include Tao's Marque, Beauty and Essex, Lavo, Cathedrale and Koma, and Hakkasan's Yauatcha, Omnia, Ling Ling, Jewell and Casa Calavera.
Hakkasan's executive team will continue to run its day-to-day operations under the direction of Tao's co-chief executives Noah Tepperberg and Jason Strauss.
"Despite the challenges caused by the pandemic, we know there's a real desire by people around the world to gather once again," said Strauss.
"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."
The deal will expand the global reach of both groups, giving US-based Tao a foothold in London, where Hakkasan has five restaurants, as well as in the middle east.
Tao is part of Madison Square Garden Entertainment Corp (MSG Entertainment), which owns New York's Madison Square Garden.
MSG has also announced plans to build music and entertainment venues, named MSG Sphere, in Las Vegas and London and is seeking necessary approval for its UK site.
Tao owns a majority of the newly combined company, while MSG owns a controlling interest in Tao.