AEG: Anschutz seeks $10 bln range bids
Billionaire Phil Anschutz has kicked off the auction of his Anschutz Entertainment Group, with an expectation that the sports and entertainment giant should draw bids in the $10 billion range, higher than previously believed, according to sources familiar with the situation.
The initial, 25-page AEG information memorandum that describes the business but has no financial information was expected to go to dozens of potential buyers on Monday, the sources said. The initial group of recipients is expected to include rich individuals, rivals, sovereign wealth funds, real estate firms, and private equity firms, they said.
Anschutz is likely to start signing non-disclosure agreements and send out the books with financial details by the end of the month, the sources said.
The list of potential bidders includes trade buyers such as Liberty Media Corp ; investment companies such as Guggenheim Partners LLC; private equity firms such as Thomas H. Lee Partners LP, Bain Capital LLC and Colony Capital LLC; and rich individuals such as Los Angeles biotech billionaire Patrick Soon-Shiong, sources have previously said.
Bidders are likely to need to come up with bids in the high single digit, low double digit billion dollars to proceed to the next round, the sources said, signaling that Anschutz has a higher price expectation than previously believed.
Sources close to potential buyers had said last month that the company could fetch between $6 billion and $8 billion in a sale.
The Anschutz Co has no comment on the sales process beyond its press release announcing
Be the first to comment.
