IATSE is ending the week with at least one more Local negotiation under its belt.
02.04.2024 - 17:15 / variety.com
Todd Spangler NY Digital Editor Endeavor, three years after the sports and entertainment company went public, announced that it has entered into an agreement to be acquired by private-equity firm Silver Lake. The deal gives Endeavor an equity value of $13 billion, the companies said.
According to the parties, the premium to be paid by Silver Lake represents $4.6 billion more equity value to all Endeavor stockholders. “Silver Lake believes that when consolidating all of TKO’s value into Endeavor, the combined total enterprise value of $25 billion will make this the largest private equity sponsor public-to-private investment transaction in over a decade, and the largest ever in the media and entertainment sector,” the companies said in announcing the pact.
Under the terms of the agreement, Silver Lake will acquire 100% of the outstanding shares of Endeavor does not already own. Endeavor stockholders will receive $27.50 per share in cash, representing a 55% premium to the unaffected share price of $17.72 per share at market close on Oct.
25, 2023, the last full trading day prior to Endeavor’s announcement of its review of strategic alternatives, and a 39% premium to Endeavor’s unaffected 30‐day VWAP. Ariel Emanuel, CEO of Endeavor, said: “Since 2012, Endeavor’s strategic partnership with Silver Lake and Egon Durban have been central to our evolution into the global sports and entertainment leader we are today.
IATSE is ending the week with at least one more Local negotiation under its belt.
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