Endeavor Accepts Offer for OpenBet in Management Buyout
The Endeavor Group, the global sports and entertainment company, has announced it has agreed to sell its OpenBet and IMG ARENA brands in a planned management buyout.
Endeavor Group agrees to a management buyout of OpenBet and IMG ARENA.
LISTEN TO THIS ARTICLE:The statement gives details of the agreement which lists the total value of the sale at an estimated total of $450 million, including cash and debt. OpenBet and IMG ARENA represent the sports betting part of the Endeavor Group and the purchase has been proposed by OB Global Holdings, the representative company of some of the current management. OB Global Holdings is headed by CEO Jordan Levin and Endeavor executive Ariel Emanuel are leading the proposed acquisition of OpenBet, outlined in the bid by OB Global Holdings. The statement said the Endeavor Group is planning to go into private ownership and the deal is expected to be completed by the time this happens.
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Management Confident of OpenBet Growth
OpenBet is a global leader in providing sports technology and modular platforms, which means it has more than 200 gaming partners worldwide, including in some of the largest gambling markets such as the U.S., U.K., Australia, and Canada. OpenBet has signed several partnership deals to supply its sportsbook technology this year including with Veikkaus and BandBet.
Senior management expressed their confidence that OpenBet would continue to expand throughout regulated gaming markets worldwide, once the management acquisition is complete.
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.
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