Akin Gump Negotiates Sale of Forstmann Little’s IMG Worldwide
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(New York) – A team from Akin Gump advised Forstmann Little & Co., a private investment firm, in its announced agreement with Silver Lake Partners and William Morris Endeavor Entertainment, LLC to sell its ownership stake in IMG Worldwide Holdings, Inc., a global sports, fashion and media business. The transaction concludes a successful partnership between Forstmann Little and IMG, during which IMG grew into one of the world’s premier sports, entertainment and media companies, with 3,500 employees in more than 30 countries around the world involved in, on average, 11 sports and entertainment events every day.
Akin Gump litigation partner Mark MacDougall, who has served as trustee of Forstmann Little since the 2011 death of its co-founder Ted Forstmann, has been managing the firm’s wind-down and led the representation in the IMG sale. Corporate partners J. Kenneth Menges Jr. and Robert Dockery led the Akin Gump corporate team working on the deal.
“Today marks the successful culmination of the bold global strategy devised by Ted Forstmann for IMG over many years,” said MacDougall, speaking on behalf of Forstmann Little. “We would like to thank the Board of Directors, the leadership team and all of the employees of IMG for all that they have done to bring us to this day. We are confident that this fine company will continue to flourish and grow under the leadership of Silver Lake and WME.”
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 850 attorneys in offices throughout the United States, Europe, Asia and the Middle East.
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