Published on 3/08/2017 9:38:08 AM | Source: Reuters
Singapore`s GIC, Canadian pension fund to invest $1 billion in U.S. talent firm
U.S. talent management agency WME-IMG, which counts Japan's SoftBank Group among its investors, said it would receive a $1 billion investment from Canada's largest pension fund manager and Singapore's sovereign wealth fund GIC.
Canada Pension Plan Investment Board (CPPIB), in a separate statement, said it would invest about $400 million for an 8 percent stake in WME-IMG, which owns brands like Ultimate Fighting Championship and the Miss Universe Organization.
"This investment in a unique market leading platform in entertainment, sports and media further diversifies our portfolio," said Ryan Selwood, managing director, head of direct private equity, private investments, CPPIB.
The U.S. firm also counts Silver Lake Partners and Fidelity Investments among its investors.
Terms of the transaction were not disclosed.
WME-IMG operates hundreds of events, including the Miami Open tennis tournament and New York Fashion Week.
(Reporting by Susan Mathew and John Benny in Bengaluru; Editing by Himani Sarkar)