Endeavor Group to Sell OpenBet, IMG Arena in Management-Backed Buyout

Dow Jones11-12

By Stephen Nakrosis

Endeavor Group Holdings agreed to sell its OpenBet and IMG Arena businesses for $450 million in a management buyout backed by Ariel Emanuel with participation from company executives, including chief executive officer Jordan Levin.

The private-equity group Silver Lake said in April it would take Endeavor private in a deal with a $13 billion equity value and a $25 billion consolidated enterprise value. The OpenBet and IMG Arena transaction is a necessary step for the closing of Silver Lake's offer, Endeavor said on Monday.

Open Bet and IMG Arena will be acquired by OB Global Holdings and financed with a combination of cash and debt, Endeavor said.

During the sign-to-close period and after closing, Endeavor will continue to market IMG Arena for sale to a third-party purchaser, according to the company.

OpenBet provides sports data and technology services, while IMG Arena delivers live streaming and data feeds from sporting events.

Endeavor is a global sports and entertainment company, and is majority owner of TKO Group Holdings, a sports and entertainment company comprising of the UFC and WWE.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

November 11, 2024 16:58 ET (21:58 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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