Private equity firm Silver Lake is to take talent, sports and entertainment agency Endeavour Group Holdings private in a deal worth $13bn.
Silver Lake is the largest shareholder in Endeavor, owning about 31%, and will acquire 100% of the shares it does not already own.
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Silver Lake first invested in Endeavor in 2012, and the agency went public in 2021.
Endeavor Group Holdings was founded in 2009 through the merger of the William Morris Agency and Endeavor Talent Agency. It represents leading actors as well as major sports and college sports leagues and is the majority owner of World Wrestling Entertainment (WWE) and the Ultimate Fighting Championship (UFC) through TKO Group. TKO will not be included in the privatisation deal and will remain a publicly traded company.
Endeavor also owns sportsbook technology and services provider OpenBet and sports company IMG.
As part of the deal, Endeavor shareholders will receive $27.50 per share in cash, representing a 55% premium to the share price of $17.72 per share at market close on October 25, 2023, the last full trading day before Endeavor announced it was carrying out a strategic review.
Ariel Emanuel, CEO of Endeavor, said: “Since 2012, Endeavor’s strategic partnership with Silver Lake and Egon Durban have been central to our evolution into the global sports and entertainment leader we are today. We believe this transaction will maximize value for all of Endeavor’s public stockholders and are excited to continue to unlock and invest in the growth opportunities ahead as a private company.”
Egon Durban, Co-CEO and Managing Partner of Silver Lake, and Chairman of the Board of Endeavor, said: “Our unwavering belief in Ari and Patrick, together with Mark and other talented leaders at Endeavor, has never been stronger. This is a very special partnership. Together, we have built and grown Endeavor from $350m in annual revenue when we first invested in 2012 to nearly $6bn in consolidated revenue today. Now, Endeavor can take advantage of its unique core platform to meet the dynamic forces driving growth in content, sports, and live events with bold vision.
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