Sportradar, the European data giant that has deals with the NBA and other professional sports leagues, has sold a minority stake to two new investors in North America.
The deal is meant to aid the company as it expands in the U.S. and Canada, and leverages relaxed wagering rules in the U.S., according to Sportradar.
The company’s two new strategic partners—Canada Pension Plan Investment Board (CPPIB) and Silicon Valley-based growth private equity firm TCV—will acquire a stake in Sportradar from private equity firm EQT and certain minority shareholders. Sportradar is valued at €2.1 billion (roughly $2.4 billion), and EQT owned 35 percent of the company. EQT has agreed to reinvest a portion of its sale proceeds back into Sportradar. Carsten Koerl, Sportradar’s founder and chief executive, will retain his entire ownership stake and continue to lead the company.
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