Endeavor Group Holdings, Inc. (NYSE: EDR), the global sports and entertainment leader, has announced an agreement to sell its OpenBet and IMG ARENA businesses to OB Global Holdings LLC, a new entity backed by Ariel Emanuel and OpenBet’s CEO, Jordan Levin, along with other executives.
The acquisition, valued at approximately $450 million and subject to adjustments, will be financed through a combination of cash and debt. Following the transaction’s completion, Levin will continue to lead OpenBet as CEO, overseeing the company’s role in delivering responsible gaming and betting solutions to over 200 operators worldwide.
While the sale progresses, Endeavor will continue to market IMG ARENA to third-party buyers during the sign-to-close period and beyond. The divestiture aligns with the anticipated take-private deal for Endeavor by Silver Lake and is subject to standard closing conditions, including necessary regulatory approvals.
Oakvale Capital LLP and The Raine Group served as financial advisors to Endeavor in this transaction. The buyout is anticipated to conclude just before the finalization of Endeavor’s privatization.
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.”
