Endeavor to Sell OpenBet, IMG ARENA in Management Buyout

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Endeavor Group Holdings has agreed to sell OpenBet and IMG ARENA to OB Global Holdings in a management buyout backed by Ariel Emanuel with participation from OpenBet executives, including CEO Jordan Levin.

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.

Following the close of the transaction, Levin will continue to lead OpenBet as CEO.

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.”

The transaction is being pursued and is a necessary step for the closing of the proposed Endeavor take-private by Silver Lake.