Endeavor is selling OpenBet and IMG Arena in a management buyout backed by Ariel Emanuel, with participation from executives of OpenBet including its CEO Jordan Levin.The buyout group is operating under the name OB Global Holdings LLC.“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,” said Levin in a statement.The deal calls for OB Global to acquire the businesses for about $450 million subject to certain adjustments and financed through a mix of cash and debt.Endeavor said it will continue to market IMG Arena for sale to a third-party purchaser until the close — and after.OpenBet powers responsible betting and gaming entertainment for more than 200 market-leading operators around the globe. Levin will continue to lead the business as chief executive.Endeavor’s announcement said the transaction is a necessary step for the closing of the proposed Endeavor “take-private” by Silver Lake. The private equity giant, Endeavor’s largest shareholder, announced plans in April to take the company private — meaning buy in the remaining shares it doesn’t already own. It has offered stockholders $27.50 per share.Endeavor said in August it was marketing OpenBet and IMG Arena and they have been presented as discontinued operations in the company’s financials since then.The buyout transaction is subject to customary closing conditions, including approvals by applicable gaming regulatory authorities. It must close immediately prior to the closing of the Endeavor take-private.Oakvale Capital and The Raine Group acted as financial advisors to Endeavor.
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