Endeavor Group (NYSE:EDR) stock is in the news Wednesday after the sports and entertainment company announced a deal to take it private.
Endeavor Group has reached an agreement with technology investing firm Silver Lake to take the company private for $13 billion. This will see Silver Lake acquiring all outstanding shares of EDR stock that it doesn’t already own.
Silver Lake is going to pay $27.50 per share in cash for EDR stock. This represents a 55% premium over the stock’s unaffected price of $17.72 per share when markets closed on Oct. 25, 2023.
Endeavor Group CEO Ariel Emanuel said the following about the deal:
“Since 2012, Endeavor’s strategic partnership with Silver Lake and Egon Durban have been central to our evolution into the global sports and entertainment leader we are today. We believe this transaction will maximize value for all of Endeavor’s public stockholders and are excited to continue to unlock and invest in the growth opportunities ahead as a private company.”
Endeavor Group has been working with Silver Lake since 2014. That culminates in this deal, which is set to close by the end of the first quarter of 2025.
EDR Stock Movement Today
Endeavor Group is experiencing heavy trading on Wednesday following the going private announcement. That has some 15 million shares traded as of this writing. This is well above its daily average trading volume of about 3.6 million units.
EDR stock is up 1.1% as of Wednesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
