Endeavor to sell OpenBet, IMG Arena for about $450 mln to management-led group

Endeavor group

11/11/2024 22:00

Nov 11 (Reuters) - Endeavor Group  EDR.N  will sell its
OpenBet and IMG Arena businesses to management-led group OB
Global backed by Hollywood power broker Ari Emanuel for about
$450 million, the sports and entertainment company said on
Monday.
    The deal, which includes participation from OpenBet
executives including CEO Jordan Levin, is a "necessary step" for
the closing of Endeavor's take-private deal, it said.
    Private equity firm Silver Lake in April had struck a $13
billion deal to take Endeavor private. The deal is expected to
close by the end of the first quarter of 2025.
    OB Global will finance the deal through a mix of cash and
debt, Endeavor said. Levin will continue to lead OpenBet, a
sports betting entertainment firm, after the deal closes.
    "This management buyout allows us to continue executing our
vision for increased market expansion and product innovation,"
Levin said.
    Endeavor said it would continue to market IMG Arena for sale
to a third-party purchaser prior to and after closing the deal.
    IMG Arena delivers live streaming and data feeds for more
than 65,000 events across multiple sports.
    The transaction is dependent on and expected to close
immediately prior to the closing of Endeavor's take-private
deal.
    Raine Group and Oakvale Capital were the financial advisers
to Endeavor.

 (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Maju
Samuel)
 ((ArasuKannagi.Basil@thomsonreuters.com;))