Endeavor's Emanuel-Led Group Acquires OpenBet, IMG Arena for $450M in Discounted Deal
Endeavor Group Holdings (NYSE: EDR) is selling its IMG Arena and OpenBet sports betting businesses to OB Global Holdings LLC for $450 million, a group led by CEO Ari Emanuel and OpenBet CEO Jordan Levin. The sale will be financed through a combination of cash and debt.
Ari Emanuel smiling with lanyard
This transaction is a crucial step in Endeavor's $13 billion go-private deal with Silver Lake, announced in April. While IMG Arena remains available for sale to other buyers, OpenBet appears to be OB Global's primary target.
The sale represents a significant loss for Endeavor, which acquired OpenBet from Scientific Games (now Light & Wonder) in 2021 for $800 million. The current $450 million price tag is notably lower than the original purchase price.
OpenBet, which will see its sixth ownership change since its 1996 founding, maintains an impressive client portfolio including major gaming operators like BetMGM, DraftKings, FanDuel, Paddy Power, PointsBet, Super Group, and William Hill.
Despite the discount, this acquisition could prove strategic as the sports betting industry experiences a technology arms race. Meanwhile, IMG Arena's future remains uncertain, with potential buyers including sports betting data providers Genius Sports (NYSE: GENI) and Sportradar (NASDAQ: SRAD), though neither has expressed official interest.
The deal's completion depends on standard closing conditions, including gaming regulatory authority approvals, and is expected to close immediately before Endeavor's take-private transaction.
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