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Forstmann Little & Co. said it will sell its ownership stake in IMG Worldwide Holdings Inc. to Silver Lake Partners and William Morris Endeavor Entertainment.
Terms of the transaction, such as purchase price and timing of the closing, were not disclosed. Sources estimate the deal at $2.3 billion.
Forstmann Little acquired IMG in 2004. Until his passing in 2011, Ted Forstmann was chairman and chief executive officer of IMG, where he focused his efforts on building a vertically integrated sports, entertainment and media firm. IMG itself was founded in 1960 by Cleveland attorney Mark McCormack, who is said to have started the sports marketing industry by signing golf legend Arnold Palmer to his first representation contract.
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“Today marks the successful culmination of the bold global strategy devised by Ted Forstmann for IMG over many years," said Mark MacDougall, a partner of the law firm Akin Gump Strauss Hauer & Feld, speaking on behalf of Forstmann Little.
IMG has 3,500 employees operating in more than 30 countries around the globe.