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GIC, Canada pension investment board to invest US$1 billion in WME | IMG
SINGAPORE'S sovereign wealth fund GIC and Canada Pension Plan Investment Board (CPPIB) have invested approximately US$1 billion in WME | IMG, a global platform for entertainment, sports and fashion. Terms of the transaction were not disclosed.
GIC and CPPIB will join the ranks of other investors such as Silver Lake, SoftBank and Fidelity.
Over the last several years, WME | IMG has completed a series of strategic acquisitions and partnerships, expanding its owned assets to include premium global brands such as the Ultimate Fighting Championship, Professional Bull Riders, The Miss Universe Organization and Frieze, an arts media and events company.
WME | IMG also owns, operates or commercially represents hundreds of sports, fashion and entertainment events, including the Miami Open and New York Fashion Week, and curates premier culinary and globally franchised cultural festivals.
Eric Wilmes, managing director of private equity at GIC, said: "WME | IMG has demonstrated a capacity to grow and diversify in an increasingly complex environment for sports, entertainment and fashion globally. As a long-term investor, GIC believes the company will benefit from the strong trend of consumers demanding quality content."