Silver Lake Backs Winning Bid For Sports Agency IMG

Dec 18 2013 | 12:23pm ET

Private equity firm Silver Lake Partners has pulled off another megadeal.

Talent agency William Morris Endeavor—backed by Silver Lake—has won the auction for IMG Worldwide, one of the world's leading sports agencies. The two will pay about $2.4 billion for the company, which is being sold by the estate of the late private-equity billionaire Theodore Forstmann, whose Forstmann Little & Co. bought IMG nine years ago for $750 million.

Silver Lake, which earlier this year backed Dell Inc. founder Michael Dell's successful bid for his namesake company, and William Morris bested private-equity firms Carlyle Group and CVC Capital Partners for IMG. Carlyle had teamed with ICM Partners and CVC, which bid about $2 billion, with Chernin Group.

IMG represents, among others, tennis stars Novak Djokovic and Maria Sharapova, and supermodel Gisele Bundchen.

Silver Lake owns 31% of William Morris.


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note