Endeavor to Offload OpenBet and IMG ARENA in Management Buyout
Endeavor Group Holdings has agreed to sell its OpenBet and IMG ARENA businesses to OB Global Holdings in a management-led buyout backed by Ariel Emanuel, valued at roughly $450 million.
Endeavor Group Holdings has announced a deal to sell its sports betting technology arm OpenBet and sports data business IMG ARENA to OB Global Holdings LLC, in a management buyout backed by Ariel Emanuel. The agreement, announced on 11 November 2024, includes participation from OpenBet executives, among them chief executive Jordan Levin, who will remain in charge of the business once the deal completes.
Deal Terms
Under the agreement, OB Global Holdings will acquire the two businesses for approximately $450 million, subject to adjustments, using a combination of cash and debt financing. Endeavor said it will continue seeking a third-party buyer for IMG ARENA both before and after the transaction closes.
Levin said the buyout would allow the group to pursue further market expansion and product development, citing confidence in OpenBet’s offering and recent business growth.
Link to Silver Lake Take-Private
Endeavor described the sale as a required step towards completing its previously announced take-private transaction with Silver Lake. Closing of the OpenBet and IMG ARENA sale is conditional on customary approvals, including gaming regulatory clearance, and is expected to occur immediately before the Silver Lake deal finalises.
Business Background
OpenBet supplies betting and gaming technology to more than 200 operators worldwide, while IMG ARENA provides live streaming and data feeds for tens of thousands of sporting events annually, along with virtual sports products. The two businesses were brought together under the OpenBet brand earlier in 2024 to create a combined sports betting and data operation.
Oakvale Capital LLP and The Raine Group acted as financial advisors to Endeavor on the transaction.