Endeavor Closes Acquisition Of OpenBet From Light & Wonder For About $800 Mln
(RTTNews) - Sports and entertainment company Endeavor Group Holdings, Inc. (EDR) announced Friday the closure of its acquisition of OpenBet, a leading content, platform and service provider to the sports betting industry, from Light & Wonder, Inc. (LNW) for approximately $800 million paid through a combination of cash ($750 million, subject to certain customary adjustments) and shares of Endeavor's Class A common stock.
The addition of OpenBet to Endeavor's sports betting portfolio will enable it to further capitalize on the massive tailwinds in the fast-evolving sports betting ecosystem and lead the way in defining the future of sports betting entertainment.
OpenBet and IMG ARENA will form a fourth operating segment for Endeavor, Sports Data & Technology, beginning January 2023.
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