Endeavor to Sell IMG Academy to BPEA EQT for $1.25 Billion

thewrap.com:

Endeavor Group Holdings is selling global sports education institution IMG Academy to BPEA EQT, a unit of private equity firm EQT, in an all-cash deal valued at $1.25 billion.

The transaction, which is expected to close in the third quarter of 2023, will see Endeavor partner with BPEA EQT’s portfolio company Nord Anglia Education, which operates some of the world’s leading premium international schools.

Nord Anglia supports more than 75,000 students across 82 schools in 33 countries and has developed key partnerships with academic organizations including the Massachusetts Institute of Technology (MIT) and The Juilliard School to provide specialized curricula for students.As part of the transaction, IMG Academy president Brent Richard will continue in his role, as will IMG Academy Bradenton president Tim Pernetti, NCSA president Lisa Strasman and Chief Growth Officer Ted Sullivan.The sale of IMG Academy comes on the heels of Endeavor entering an agreement to merge the Ultimate Fighting Championship with Worldwide Wrestling Entertainment to create a new $21.4 billion live sports and entertainment company.

Shares of Endeavor climbed approximately 3% in pre-market trading following news of the sale.Headquartered in Bradenton, Florida, IMG Academy was founded in 1978 as the Nick Bollettieri Tennis Academy.