Citigroup downgrades Endeavor after go-private deal with private equity firm

Endeavor group

16/04/2024 12:35

** Brokerage Citigroup downgrades sports and entertainment
co Endeavor Group Holdings  EDR.N  to "neutral" from "buy",
after the co agreed to be acquired by private equity firm Silver
Lake Partners for $13 bln
    ** Brokerage cuts PT to the deal price of $27.50/shr from
$29/shr, seeing scant possibility of changes to financial terms
or any regulatory risks
    ** Acquisition, announced on April 2, suggests management
plans to sell most of Endeavor's businesses - brokerage
    ** Shares of EDR have gained about 8% in past 12 months

 (Reporting by Ananta Agarwal in Bengaluru)
 ((Ananta.Agarwal@thomsonreuters.com))