Sportradar valued at $2.4bn

Business News

Canada Pension Plan Investment Board (CPPIB) and Silicon Valley-based investor TCV are buying a stake in Sportradar, valuing the Swiss sports data group at 2.1 billion euros ($2.4 billion), including debt, the companies said on Monday.

Founder and Chief Executive Carsten Koerl will retain his majority stake in Sportradar, while CPPIB and TCV are buying a 37 percent stake from buyout group EQT as well additional shares from other minority investors.

EQT will use some proceeds to reinvest in a very small Sportradar stake. Sportradar will not receive any new funding.

“Sportradar is strongly cash-generative, does not need new money. But the new partners have said that they will finance potential add-on acquisitions,” Sportradar manager Ulrich Harmuth told Reuters.

He added that the technology focus and the strong North American focus of CPPIB and TCV were expected to be a benefit for planned expansion in the U.S.