US private equity firm Forstmann Little & Co has confirmed it was exploring options for sports, fashion and media agency IMG Worldwide.
The firm said in a statement, “No decision has been made regarding a specific course of action for IMG. A definitive timetable has not been set and there can be no assurance that this process will result in a sale of IMG.”
Earlier this year Forstmann Little was said to be seeking to exit the company, nine years after buying the business, hiring Morgan Stanley and Evercore Partners to look at sale options.
In May it was said to have rejected a $2bn buyout bid from fellow private equity firm Colony Capital, while CVC Capital Partners was also reportedly mulling an offer.
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