Endeavour Group has entered into a definitive agreement to be acquired by Silver Lake. Silver Lake, a technology investment company, will acquire 100% of its outstanding shares that it does not already hold.
Shareholders will receive $27.50 per share with a 55% premium at a price of $17.72 from October 25, 2023, the day before Endeavor announces its strategic review.
Silver Lake said it could grow to $25 billion when considering the total consolidated enterprise value, but that values the acquisition at $13 billion.
If so, Silver Lake claims this would be “the largest investment transaction between private equity sponsor companies in more than a decade and the largest ever in media and entertainment.”
Of course, the deal comes two months after Endeavor announced it was merging two of its own brands, OpenBet and IMG Arena.
Silver Lake currently has more than $102 billion in assets across North America, Europe and Asia, with its portfolio generating more than $250 billion in annual revenue.
Endeavor CEO Ariel Emanuel said, “Since 2012, Endeavor’s strategic partnership with Silver Lake and Egon Durban has been central to our evolution to today’s global sports and entertainment leaders.
“We believe the transaction will maximize the value of all of Endeavour’s public shareholders, and we are excited to continue to open up and invest in future growth opportunities as a private company.”
The $25 billion valuation takes into account the value of Endeavour media giant TKO, which was created through a merger between UFC and WWE.
TKO is considered separate from Silver Lake’s acquisition and will still work with Endeavour but will remain a publicly traded company.
“The Silver Lake team is proud of our long-standing partnership with Endeavor, which has generated more than $3.5 billion in direct investment across six different transactions over 12 years,” said Steven Evans, managing director and director of Endeavor
Endeavour’s independent director special committee unanimously recommended the acquisition at its latest meeting.
Egan Durban, co-CEO of Silver Lake, managing partner, and chairman of Endeavor’s board, said: “Our unwavering faith in Ari and Patrick, along with Mark and Endeavor’s other talented leaders, has never been stronger.
“We generated $350 million in annual revenue when we first invested in 2012, generating nearly $6 billion in consolidated revenue today. 무료 슬롯
“In line with our mission and underscoring that it is one of the biggest commitments in Silver Lake history, we are working with our Endeavour team and trusted anchor investors to accelerate large-scale growth to create value.”