Aquisitions/Mergers
ENDEAVOR ANNOUNCES MANAGEMENT BUYOUT OF OPENBET AND IMG ARENA
Endeavor Group Holdings, Inc., a global sports and entertainment company, today announced that it has agreed to sell OpenBet and IMG ARENA to OB Global Holdings LLC in a management buyout backed by Ariel Emanuel with participation from executives of OpenBet, including CEO Jordan Levin.
Levin said: “This management buyout allows us to continue executing our vision for increased market expansion and product innovation. Our group is extremely confident in OpenBet’s future considering the premium product offering, superior talent, and solid foundation we already have in place following a strong period of business growth.”
Under the terms of the transaction, OB Global Holdings will acquire the businesses for approximately $450 million, subject to certain adjustments, financed through a mix of cash and debt.
During the sign-to-close period and after closing, Endeavor will continue to market IMG ARENA for sale to a third-party purchaser.
OpenBet powers responsible betting and gaming entertainment for more than 200 market leading operators around the globe. Following close of the transaction, Levin will continue to lead the business as CEO.
The transaction is being pursued, and is a necessary step, for the closing of the proposed Endeavor take-private by Silver Lake. The transaction is subject to customary closing conditions, including approvals required under applicable gaming regulatory authority, and is conditioned on and expected to close immediately prior to the closing of the Endeavor take-private.
Oakvale Capital LLP and The Raine Group acted as financial advisors to Endeavor.
-
Africa4 days ago
Altenar obtains National Manufacturer licence in South Africa
-
Industry News2 days ago
Pennsylvania Skill, powered by Pace-O-Matic, congratulates PA Gaming Control Board and casinos on a banner 2024 with record monthly revenue
-
Asia5 days ago
Government support, medals, and global recognition define a landmark year for Indian esports and video gaming in 2024
-
Latest News2 days ago
FBM Foundation spreads holiday cheer with initiatives in Brazil and the Philippines
-
Australia3 days ago
AUSTRAC Takes Ladbrokes and Neds’ Operator – Entain – to Federal Court Over Serious Non-compliance with Australia’s Money Laundering Laws
-
eSports4 days ago
GRID Joins IBIA as an Associate Member, Strengthening Esports Integrity
-
Australia5 days ago
Regulating the Game 2025 adds masterclass on safer gambling training and customer care
-
Interviews4 days ago
FTDx Wins Xanada Startup Contest: Unlocking Untapped iGaming Traffic with Innovative Monetization Solutions