IMG Worldwide to be acquired by Silver Lake Partners, William Morris Endeavor
In a landmark announcement closing out an eventful year for mergers and acquisitions, private investment firm Forstmann Little & Co has reached an agreement with Silver Lake Partners and William Morris Endeavor Entertainment to sell its ownership stake in IMG Worldwide Holdings Inc.
The transaction concludes a successful partnership between Forstmann Little and IMG, during which IMG grew into one of the world’s premier sports, entertainment and media companies with 3,500 employees in more than 30 countries around the world, and involved in an average of 11 sports and entertainment events every day.
“Today marks the successful culmination of the bold global strategy devised by Ted Forstmann for IMG over many years,” says Mark MacDougall, a partner of the law firm Akin Gump Strauss Hauer & Feld, LLP, speaking on behalf of Forstmann Little. “We would like to thank the Board of Directors, the leadership team and all of the employees of IMG for all that they have done to bring us to this day. We are confident that this fine company will continue to flourish and grow under the leadership of Silver Lake and WME.”
“We would also like to express our appreciation to our limited partners, who have shown great patience and support of IMG and its management through the years, helping lead to this successful outcome,” says Winston Hutchins, the remaining general partner of Forstmann Little.