Hakkasan Group has been acquired by US-based Tao Group Hospitality, which plans to expand its global portfolio of brands including in the UK.

The newly combined company operates 61 dining, entertainment and nightlife venues in 22 markets across five continents.

Hakkasan Group’s executive team will continue to run the day-to-day operations for its existing sites, under the direction of Tao Group, led by co-CEOs Noah Tepperberg and Jason Strauss.

Tepperberg 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.

“This partnership provides a tremendous platform to use our combined scale to create new opportunities that drive value.”

Hakkasan has five venues in London, including its Michelin-starred flagship restaurants in Mayfair and the original Hakkasan Hanway Place, as well as Sake no Hana, Yauatcha City and Yauatcha Soho.

Tao Group Hospitality is part of Madison Square Garden Entertainment Corp, which is planning to build a state-of-the-art venue called MSG Sphere in London and Las Vegas.