Endeavor Slashes Price Of Its Pending Acquisition Of OpenBet By $400 Million As Market Flails

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Endeavor Group has amended its pending purchase of sports betting company OpenBet in a cash and stock deal that’s now worth $800 million versus $1.2 billion when it was announced in September. The …

in a cash and stock deal that’s now worth $800 million versus $1.2 billion when it was announced in September.

The talent agency, sports and events giant led by Ari Emanuel had agreed to pay $1 billion in cash and over 7.6 million newly issued shares with a market value of $200 million. That value was based on an average stock price for the 20 trading days ended Sept 24. Now, “instead of providing to parent the original purchase price,” Endeavor said it will fork over “consideration having an aggregate value of $800 million.

Still, it’s not always possible to exit a deal or change terms — as per Elon Musk’s contortions after agreeing in April to buy Twitter for $44 billion, or $54.20 a share. Twitter stock is currently trading at just over $37. In Endeavor’s case, it apparently was possible and both parties agreed to the price change although it’s unlikely theEndeavor shares closed at $20.56 today, down from a high of over $35 late last year. The company is looking to OpenBet to strengthen its position in the sports betting ecosystem, which is currently anchored by its IMG Arena. The division works with hundreds of sportsbook brands worldwide to deliver social live streaming video and data feeds for thousands of sports events annually.

The OpenBet transaction had been expected to close in the second quarter, which ends today, but that could run into the fall, the filing indicated.

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