New On The Block
Ari Emanuel‘s sports and entertainment conglomerate, Endeavor Group Holdings Inc (NYSE:EDR), is reviewing a potential sale of IMG tennis assets — including the Miami Open and Madrid Open tennis tournaments. Most of IMG’s other assets were included in a transaction announced on Thursday with TKO Group Holdings Inc (NYSE:TKO), the parent company of Ultimate Fighting Championship (UFC) and World Wrestling Entertainment (WWE).
The Frieze Art Fair, a curated event featuring modern and contemporary works, is also for sale. Endeavor acquired a majority stake in April 2016. The Raine Group is advising Endeavor.
See Also: UK Launches Antitrust Review Of Synopsys’ $34 Billion Ansys Deal Over Growing Concerns
Off The Block
TKO, created a year ago from the merger of the WWE and UFC, acquired sports marketing agency IMG from Endeavor in a $3.25 billion all-equity deal that included Fort Worth, Texas-based Professional Bull Riders and live events business On Location. The sale is expected to close in the first half of 2025. Endeavor will end up owning approximately 59% of TKO. Separately, TKO's board has authorized a share-repurchase program of up to $2 billion of Class A common stock.
PPG (NYSE:PPG) agreed to sell its architectural coatings business in the U.S. and Canada for $550 million to private equity firm American Industrial Partners. This ends a sale process first announced in February. The transaction is expected to close in late 2024 or early 2025. Goldman Sachs & Co. LLC advised PPG on the sale while law firm Hogan Lovells U.S. handled legal matters.
Jif peanut butter maker J.M. Smucker (NYSE:SJM) jettisoned its cookie brand, Voortman, to snacks company Second Name Brands for $305 million. Reuters first reported about the auction in July. J.M. Smucker also owns Folgers coffee, Hostess baked snacks, and a variety of pet foods, such as Meow Mix and Kibbles ‘n Bits.
Updates From The Block
Biotech firm ProPhase Labs, Inc. (NASDAQ:PRPH) engaged ThinkEquity to advise the sale of PMI. So far, more than 70 potential acquirers are in consideration. The deal is expected to close in 2025.
Durham, North Carolina-based Wolfspeed Inc. (NYSE:WOLF) put plans for a German semiconductor plant on hold. The development comes about two months after activist investment firm, Jana Partners, started urging the Wolfspeed board to explore a sale of the entire company.
Verizon Communications Inc. ((NYSE, NASDAQ:VZ) offered to buy Frontier Communications (NASDAQ:FYBR) for $38.50 per share. The Frontier board had been considering a sale; it recommended stockholders vote "for" the transaction.
Bankruptcy Block
Radford Motors, a luxury car manufacturer owned by British TV personality Ant Anstead, filed Chapter 11. People Magazine broke the story. This year, Hiphi, a Chinese EV startup, backed by Human Horizons, filed for bankruptcy in August. E.Go, a German electric car maker, filed for insolvency for the second time in March and entered liquidation in May.
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