Private investment firm Forstmann Little & Co. plans to acquire sports marketing and lifestyle management firm IMG for $750 million in cash.
The company is being acquired from trusts established by IMG’s founder, the late Mark McCormack, and from the family of Arthur J. Lafave, Jr. IMG’s vice chairman. New York-based Forstmann Little out bid such companies as WPP Group and Kohlberg Kravis Roberts for the rights to purchase the company.
Founded in the 1960s, IMG has a staff of approximately 2,200 in over 60 offices in more than 25 countries. IMG represents talent including athletes, broadcasters, models, classical musicians and authors, and well as professional sports leagues and the International Olympic Committee.
The transaction is expected to close before year-end.
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