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Ari Emanuel Scores $174 Million Cash Payout in Endeavor Go-Private Deal
The executive rolled over ownership interests with a total value of $290.27 million, per the disclosure with the U.S. Securities and Exchange Commission The post Ari Emanuel Scores $174 Million Cash Payout in Endeavor Go-Private Deal appeared first on TheWrap.
Ari Emanuel has scored a cash payout of $173.8 million from Silver Lake’s deal to take Endeavor Group Holdings private, according to a filing with the U.S. Securities and Exchanges Commission on Monday.
Per the disclosure, Emanuel rolled over ownership interests with a total value of $290.27 million into the private company. He previously served as Endeavor’s CEO and will now serve as chairman of the newly renamed WME Group. The rollover amount marks a $26 million increase from what was previously agreed upon in April 2024.
Meanwhile, Patrick Whitesell, who served as executive chairman of Endeavor/WME and is exiting to launch a new media investment company, received $100 million in cash. Per the filing, he rolled over ownership interests with a value equal to $265.7 million – a $50 million increased compared to what was previously agreed upon.
Under the terms of the agreement, Silver Lake, which holds approximately 71% of Endeavor’s voting power, has acquired 100% of the outstanding shares it does not already own, other than rolled interests. Endeavor stockholders will receive $27.50 per share in cash, representing a 55% premium to the unaffected share price of $17.72 per share at market close on Oct. 25, 2023, the last full day of trading prior to announcing a review of strategic alternatives.
Emanuel, who launched a formal review of strategic alternatives back in October 2023, has long felt that there’s a “dislocation” between Endeavor’s public market value and the intrinsic value of its assets. Shares of the company closed at $29.25 apiece on Friday, up just 6% since going public and below its 52-week high of $35.99 per share. Its market cap was $13.69 billion as of Friday’s close.
When consolidating TKO Group Holdings’ value into Endeavor, Silver Lake estimates the company has a total enterprise value of $25 billion. TKO, which is not a party to the Silver Lake transaction, will continue trading as a public company.
More to come…
The post Ari Emanuel Scores $174 Million Cash Payout in Endeavor Go-Private Deal appeared first on TheWrap.
