Endeavor Group Holdings, the talent agency and majority investor in WWE and UFC, has agreed to a $13 billion PE buyout by Silver Lake Management Group. Including Endeavor's majority stake in TKO, the total consolidated enterprise value rises to $25 billion, making it one of the largest PE takeovers in the past decade.

Silver Lake previously backed Endeavor in its acquisition of the UFC in 2016 and the subsequent merger of the UFC and WWE last year, which resulted in the formation of the TKO Group. The latter will remain a publicly traded company as part of the transaction. Silver Lake has focused on larger acquisitions in recent years. In 2023, the company acquired software provider Qualtrics for more than $12 billion and bought European technology firm Software AG for about €2.6 billion.

Under the terms of the agreement, shareholders will receive $27.50 in cash for each share, a 9% premium to Monday's closing price and a 55% increase over the closing price on Oct. 25 of last year, when Endeavor first announced it was considering strategic alternatives.