NEP Group Explores Sale of Live Events Business Valued at Nearly $2 Billion
Broadcast services provider NEP Group Inc, backed by private equity firm Carlyle Group Inc, is actively considering the sale of its live events division, a move that could potentially yield nearly $2 billion in proceeds, according to sources familiar with the matter.
The Pittsburgh, Pennsylvania-based company is collaborating with a financial advisor to engage in discussions with prospective purchasers, as confirmed by the sources who preferred to remain anonymous due to the confidentiality of the negotiations.
At the time of reporting, NEP had not provided an official comment on the matter, while Carlyle declined to issue a statement.
The live events segment specializes in delivering audiovisual solutions for concerts, corporate gatherings, and music tours. Notable events in its portfolio include the 2019 Special Olympics World Games, with estimated revenues of approximately $400 million, sources indicate.
NEP continues to manage another events business focused on online and television broadcast services, which it intends to retain. This unit offers production services facilitating the live broadcast of sports events, festivals, and various other occasions.
In addition to its live events services, NEP offers outdoor broadcast capabilities, studio production, audio and lighting solutions, as well as media management services. The company has a history of supplying broadcasting equipment for events like the Eurovision Song Contest, contributing to the coverage of National Football League (NFL) games and other sports leagues.
Carlyle's initial investment in NEP dates back to June 2016, and it subsequently acquired the remaining ownership stake from Crestview Partners in 2018.
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