IMG Takes On Another $1.1 Billion in Outside Money
03 Août, 2017, 04:00 | Author: Marc Bacque
WME-IMG is in final negotiations to land a major $1.1 billion infusion led by a Canadian pension plan fund and a Singaporean wealth fund, an individual with knowledge of the investment told TheWrap. The deal is expected to close in mid-August.
On Wednesday, WME-IMG - the agency that purchased the UFC past year for over $4 billion - just received another $1.1 billion in funding. Silver Lake Partners, the private equity firm that owns a major stake of WME-IMG, announced the deal Tuesday in a letter to its investors.
In a letter to its investors, Silver Lake said the new investment will make it possible to buy out some minority partners in the UFC and to allow some of WME-IMG's senior management and investors to take cash out. In 2013, the agency and the investment firm unveiled an agreement to acquire IMG Worldwide for $2.4 billion.
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Last year, WME-IMG received a $250 million investment from Japan's SoftBank, followed by a $55 million investment from mutual fund giant Fidelity Management and Research Co. Since its initial infusion of funds, the agency has bet big on acquiring companies, both at home and overseas, from across the fashion and sports worlds.
"Silver Lake's long-term thesis based on the increasing value of premium/live content accelerated by tech/media convergence continues to fuel growth for WME-IMG", the note states.
Silver Lake reassured investors that the valuation was approved by the Limited Partner Advisory Committees of two Silver Lake funds, Silver Lake III and Silver Lake IV.
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