KKR out of IMG Worldwide bidding as buyout rivals all team with strategics
US private equity house KKR has dropped out of the race for sport, fashion and media talent agency IMG Worldwide amid other buyout bidders all teaming with companies in the sector.
Silver Lake has joined with William Morris Endeavor, CVC with Chemin Group and Carlyle with ICM Partners according to Reuters, which cited people familiar with the matter.
It said the business could sell for more than $2bn.
Forstmann Little hired Morgan Stanley and Evercore Partners in May to advise on the potential sale.
The firm reportedly rejected a $2bn buyout bid at that time from fellow private equity firm Colony Capital, while CVC Capital Partners was also reportedly mulling an offer.
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