Sports technology heavyweight Sportradar has completed its acquisition of sports betting and data business IMG Arena, consolidating its position in the industry.
The completion of the acquisition will “be accretive to Sportradar’s adjusted EBITDA margins and free cash flow conversion while accelerating the company’s robust revenue, adjusted EBITDA, and free cash flow growth.”
At the time it was announced, Sportradar also said the deal would enhance its content and product offerings and strengthen its position as a leading content provider for global sports such as tennis, soccer, and basketball.
Carsten Koerl, Sportradar chief executive, commented on the completion of the deal, saying: “This marks a significant milestone for Sportradar, expanding our access to premium sports content that strengthens and complements our already robust global portfolio and capabilities.
“With this, we are uniquely positioned to deliver even more immersive, data-rich experiences to our clients, partners, and fans around the world while accelerating innovation at scale across the global sports ecosystem.”
IMG Arena’s existing client base spans over 70 rightsholders from 14 sports, encompassing 38,000 events of data rights coverage, and 29,000 events of streaming rights coverage, with high-profile properties including the US’s Major League Soccer and National Women’s Soccer League, golf’s PGA Tour, and tennis grand slam events Wimbledon, Roland Garros (French Open) and the US Open.
Sportradar will now take full control of that substantial client portfolio, without paying any cash towards it.
Indeed, the tie-up involves Endeavor, the media giant that owned IMG Arena previously, paying Sportradar around $103 million to take over IMG Arena’s global portfolio of betting rights, with the agency shelling out a further $122 million to certain sports rightsholders.
Overall, the media heavyweight spent close to $225 million to rid itself of the business, with the sale having been announced in advance of Endeavor being taken private by Silver Lake.
Back in October, Sportradar passed approval scrutiny from the UK's Competition and Markets Authority (CMA) regulator, which had initially launched a review into the deal in July and August (the agreement between Endeavor and Sportradar was first publicly disclosed in March).
