The private equity firm Silver Lake inked a $13 billion deal to acquire WWE, UFC, and On Location’s global sports and entertainment owner Endeavor.

Silver Lake already served as Endeavor’s largest shareholder. Now, the firm will acquire 100% of the outstanding shares it doesn’t already own.

TKO Group Holdings, the division that operates UFC and WWE, will consolidate its value into Endeavor, totaling an enterprise value of $25 billion. Silver Lake said this would become the largest private equity sponsor public-to-private investment transaction in over a decade, while also marking the largest transaction in the media and entertainment sector.

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TKO, however, is not a part of the transaction and will remain a publicly traded company — though it will still benefit from Endeavor.

Ari Emanuel, chief executive of Endeavor, said that the company’s partnership with Silver Lake since 2012 has “been central to our evolution into the global sports and entertainment leader we are today.”

“We believe this transaction will maximise value for all of Endeavor’s public stockholders and are excited to continue to unlock and invest in the growth opportunities ahead as a private company,” Emanuel said.

The deal is expected to close in the first quarter of 2025.