DIGITAL sports media group Perform will float on the London Stock Exchange (LSE) with an expected valuation of up to £550m.
Perform owns one of the largest portfolios of digital sports rights in the world, including international rights to Serie A, America’s MLS and the NBA.
It will float around 25 per cent of the firm’s stock, with around £70m expected to be raised in a primary placing. A further £70m will come from a secondary placing, with management, which owns 40 per cent of the firm, standing to make around £28m.
American billionaire Len Blavatnik’s Access Industries, which owns 58 per cent, will make in the region of £40m.
Advising on the deal are Credit Suisse, Morgan Stanley and UBS.
The firm says it will use the cash to fund acquisitions as well as organic growth.
It was formed in 2007 through the merger of Premium TV and Inform Group.
Its products include the international rights to the Dutch football league and Chelsea Online TV.
It says the majority of its operations are business-to-business, with bookies major clients for its products.
It plans to grow its consumer facing business over the next five years to make up almost half of its operations.
Former Sage boss Paul Walker will join the Perform board as non-executive chairman.
Blavatnik’s Access Industries also holds stakes in Warner Music and Top Up TV.
ADVISING Perform on its flotation are Credit Suisse, Morgan Stanley and UBS.
Leading the team for Morgan Stanley is Emmett Kilduff. He is an executive director in the bank’s corporate broking team, focusing on technology, media and telecom companies.
He is responsible for building Morgan Stanley’s IPO pipeline and was part of the team that worked on the Betfair flotation.
He was founder and chief executive of cmypitch.com, a business specialising in connecting entrepreneurs with early stage investors.
He also spent eight years in investment banking at Credit Suisse as a director in its equity capital markets and corporate broking departments.
Also on the Morgan Stanley team is Nina Weiden.
Heading up the team for Credit Suisse is Alastair Blackman, working with Indy Bhattacharyya and Stuart Field.
Christian Lesueur is leading the team for UBS, working alongside Christopher Smith and Affan Butt.