Endeavor Group Holdings, Inc. (NYSE: EDR), a global sports and entertainment company, has announced that it has agreed to sell OpenBet and IMG ARENA to OB Global Holdings LLC in a management buyout backed by Ariel Emanuel with participation from executives of OpenBet, including CEO Jordan Levin. Under the terms of the transaction, OB Global Holdings will acquire the businesses for approximately US$450 million, subject to certain adjustments, financed through a mix of cash and debt.

Latham & Watkins LLP represents Endeavor in the transaction with a corporate deal team led by New York partners Justin Hamill and Michael Anastasio, and Century City partner Sean Denvir, with associate Daniel Weissman. Advice was also provided on intellectual property matters by Washington, D.C. partner Morgan Brubaker.