CPPIB acquires minority stake in Sportradar
The Canadian Pension Plan Investment Board (CPPIB), alongside TCV, has acquired a minority stake in Switzerland-based sports data company Sportradar.
Sportradar provides leagues, media outlets, consumer platforms and betting companies with key insightful data, solutions and services, enabling businesses to better serve their own customers.
“The sports data market, particularly real-time data, is a compelling long-term investment opportunity, with strong growth driven by rising fan engagement, opening of new markets and increasing spend on digital sports content globally,” said Ryan Selwood, Managing Director, Head of Direct Private Equity, CPPIB.
“We are excited to partner with Carsten and look forward to supporting his innovative vision for Sportradar by further investing into artificial intelligence and global expansion.”
According to Reuters, CPPIB and TCV will acquire a 37% stake in Sportradar from buyout firm EQT, valuing the company at approximately USD$2.5bn (CAD$3.28bn), inclusive of debt.
The Swiss firm has gradually grown its presence across Europe, the US and Asia, now delivering data and insights into more than 400,000 events across 60 different sports annually.
“Having two new investors with a strong North American footprint is ideal given our increasing focus and expanding operations in the US, as the sports industry evolves to meet the expectations of today’s sports fans,” said Carsten Koerl, CEO of Sportradar.
The transaction is expected to close in Q4 2018, subject to customary regulatory approvals.