Lagardere's sports push persists with agency buy
Takes Sportfive in $1.1 billion dealFrench media group Lagardere SCA has agreed to purchase top European sports agency Sportfive for an enterprise value of €865 million ($1.1 billion).
The acquisition, which will be finalized upon approval from the European antitrust authorities, continues Lagardere's expansion into the sports industry.
The expansion over the past three years aims to increase the company's presence in "exclusive-access media content with high growth potential," the company said Monday.
Sportfive, a European manager of TV sports broadcasting rights and partner to major sporting bodies and clubs, was put up for sale by its principal shareholders: RTL Group, private equity group Advent International and Goldman Sachs Capital Partners.
RTL confirmed the sale, saying it was divesting itself of its entire 25% Sportfive stake.
Sportfive, which forecasts revenues of €526 million ($675.4 million) in 2006, manages the rights of more than 250 clubs, including 50 of Europe's principal soccer leagues, as well as broadcasting rights to some of the world's most high-profile sporting events.
Scott Roxborough in Germany contributed to this report.