Endeavor (EDR) said Monday it has agreed to sell OpenBet and IMG ARENA to OB Global in a management buyout deal.
The deal is backed by Endeavor Chief Executive Ariel Emanuel and has participation from executives of OpenBet, including Chief Executive Jordan Levin, Endeavor said.
OB Global will buy the businesses for about $450 million, subject to adjustments, financed via a mix of cash and debt, Endeavor said.
Endeavor said that during the sign-to-close period and after closing it will continue to market IMG ARENA for sale to a third-party buyer.
The deal is a necessary step for the closing of the planned Endeavor take-private deal by private equity firm Silver Lake, Endeavor said.
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