Sportradar, a European sport technology group backed by U.S. billionaire Mark Cuban and Michael Jordan, was valued at $2.4B, "in a deal with new investors designed to expand its reach" in the U.S., according to Murad Ahmed of the FINANCIAL TIMES. Sportradar announced on Monday that Stockholm-based private equity firm EQT Partners sold its 35% stake in the company to the Canada Pension Plan Investment Board and TCV, a Silicon Valley-based investment group. Undisclosed minority stakeholders also sold their shares as part of the deal, while EQT said that it "will reinvest some of the proceeds from the sale back into Sportradar." The exact terms of the transaction have not been released, but the groups said that the deal gives Sportradar an enterprise value of $2.4B. EQT has backed the company since '12, when one of its funds invested €44M for a minority stake in the group. According to EQT, Sportradar had sales of €286M last year, up from €91M in '14. Current investors in the group include Jordan, Cuban and Monumental Sports & Entertainment Founder Ted Leonsis (FT, 7/9). BLOOMBERG's Soshnick & Syed reported Sportradar Founder & CEO Carsten Koerl retains his majority stake in the business. The sale comes about two months after the U.S. Supreme Court allowed the state-by-state legalization of sports betting. Betting parlors are already open in Delaware and New Jersey. Legalized betting has "resulted in mushrooming importance for official data." Betting houses "rely on the fastest, most accurate data" to fuel what is called in-game, or live betting, which "drives much of the wagering" (BLOOMBERG, 7/9).
