Endeavor Group Holdings has agreed to sell OpenBet and IMG ARENA to OB Global Holdings in a management buyout backed by Ari Emanuel with participation from executives of OpenBet, including CEO, Jordan Levin.
Levin says: “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.”
OB Global Holdings will acquire the businesses for approximately US$450m, subject to certain adjustments, financed through a mix of cash and debt.
During the sign-to-close period and after closing, Endeavor will continue to market IMG ARENA for sale to a third-party purchaser.
OpenBet powers responsible betting and gaming entertainment for more than 200 market leading operators around the globe. Following close of the transaction, Jordan Levin will continue to lead the business as CEO.
