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UFC-owner Endeavor Raises $511M in IPO, Valued at $10.3B

NEW YORK (Reuters) -Endeavor Group Holdings Inc, the owner of the Ultimate Fighting Championship (UFC) said on Wednesday it sold shares in an initial public offering (IPO) at the high end of the target range to raise $511.2 million.

Endeavor priced 21.3 million shares at $24 per share. The company had previously priced the shares at $23 to $24 each.

The IPO values Endeavor at $10.31 billion.

This is Endeavor’s second attempt at going public after a failed attempt in 2019. Then, the Beverly Hills, California based-company abandoned its $400 million offering a day before it was supposed to go public due to weak investor demand.

After its IPO, Tesla Inc Chief Executive Elon Musk is set to join its board of directors.

Endeavor, which is led by Hollywood power broker Ari Emanuel, owns talent agency WME, which counts celebrities such as Dwayne “The Rock” Johnson, Mark Wahlberg, Serena Williams and Maria Sharapova among its top-tier clients. It has also financed movies including “La La Land” and “Just Mercy.”

In an earlier filing, Endeavor disclosed plans to acquire the 49.9% stake it doesn’t already hold in UFC from private-equity firms KKR and Silver Lake, using proceeds from the IPO and a concurrent private placement of $1.77 billion from investors including Dragoneer, Fidelity, Elliott Management, Tencent and Third Point.

The company will list on the New York Stock Exchange on Thursday under the symbol “EDR.”

Morgan Stanley, Goldman Sachs, J.P. Morgan, KKR and Deutsche Bank Securities are the lead underwriters for the company’s offering.

Reporting by Echo WangEditing by Chris Reese and Cynthia Osterman

Source: Reuters


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