CVC Considering IMG Worldwide Bid

By iSportconnect | June 3, 2013

The part-owner of Formula One is preparing a £1.3bn-plus ($2bn) takeover bid of IMG Worldwide, erectile the media rights agency with clients such as Novak Djokovic.

Reports from Sky News said that CVC Capital Partners were working on the bid for IMG, which has been put up for sale in the last few weeks.

Sky said that a ‘person familiar with its plans’ commented: “CVC is taking this incredibly seriously. They have done a huge amount of work on this and see themselves as a natural owner of a business like IMG.”

Colony Capital are considered to be competition to CVC who reportedly had a similar-value bid rejected earlier in the year.

CVC have not commented on the reports.