Endeavor agrees to sell IMG Academy to BPEA EQT
Endeavor Group Holdings has agreed to sell IMG Academy to a unit of private equity giant EQT, in a deal that values the elite high school sports program at $1.25 billion in cash.
Why it matters: The deal removes an odd-fitting company from Endeavor's entertainment portfolio as it looks to pay down its $5 billion in long-term debt.
Details: BPEA, the EQT unit leading the deal, said that as part of the agreement, IMG Academy is expected to partner with its portfolio company Nord Anglia Education, which operates international schools.
- BPEA focuses on investments in education, health care and technology across North America, Europe and Asia-Pacific.
- Nord Anglia supports more than 75,000 students across 82 schools in 33 countries and has partnerships with the Massachusetts Institute of Technology and The Juilliard School.
Catch up quick: Florida-based IMG Academy started as a sports academy for exceptional youth tennis players and golfers, and grew to offer a range of sports, from basketball to football, lacrosse to volleyball.
- Endeavor acquired the academy's parent, sports and fashion management company IMG, in 2014 for $2.4 billion.
Of note: Last year, EQT bought a minority stake in Hollywood talent agency UTA.
What's next: Endeavor, the sports and entertainment company run by legendary agent Ari Emanuel, said the IMG Academy sale is expected to close in Q3.
- Endeavor expects to close its all-stock deal for WWE by the end of the year.