BlackRock bought a roughly 30% stake in Authentic Brands Group, parent company of Sports Illustrated, for $875 million.
BlackRock bought roughly a 30% stake in Authentic Brands Group, parent company of Sports Illustrated, for $875 million.The deal values the brand management company around $4 billion to $4.5 billion, including debt, Authentic Brands Group CEO told CNBC Sunday.Investment giant BlackRock just became the largest stakeholder of Sports Illustrated's parent company.
BlackRock bought roughly a 30% stake in Authentic Brands Group for $875 million, the company's chief executive officer Jamie Salter CNBC'sThe deal values the brand management company around $4 billion to $4.5 billion, including debt, according to Salter.owns more than 50 athletic, entertainment, apparel and consumer brands, as well as the likeness of celebrities Muhammad Ali, Elvis Presley, Shaquille O'Neal, and Marilyn Monroe, according to the company's website.
In addition to Sports Illustrated, Authentic Brands Group owns Aeropostale, Juicy Couture, Herve Leger, Nine West, Spyder, and Frye. Salter and his family will still control about 20% of Authentic Brands Group; however, he sold to BlackRock to develop a "long-term partner" of "more than 10 years." Salter said the deal will provide Authentic Brands Group with additional capital to grow its branding business.Singapore's GIC also added about $150 million to the deal. Investment firm Jasper Ridge Partners also contributed $80 million.
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