SCOTTSDALE, AZ — IMG, the New York-based sports, media and fashion management company, acquired the majority share of Barrett-Jackson, the Scottsdale-based collector car auction company, for $261.25 million, the two firms announced Thursday.
Under the deal, IMG has agreed to acquire 55% of Barrett Jackson for $248,725,003.65 in cash and 563,935 newly-issued shares of Endeavor Group Holdings Inc. (NYSE: EDR) class A stock. Endeavor is a sports, media and entertainment conglomerate and the parent company of IMG.
IMG puts on hundreds of huge events around the world including the Madrid and Miami Open tennis tournaments, Formula Drift, and New York Fashion Week. Craig Jackson [bizjournals.com], the chairman and CEO of Barrett-Jackson, told the Business Journal Thursday he has admired IMG’s work for years
“They have always been a dream partner,” Jackson said. “What I built at Barrett-Jackson was modeled after IMG.”
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