September 16, 2019 / 3:23 PM / a month ago

CORRECTED-Talent agency Endeavor Group looks to raise $619 mln in IPO

(Corrects revenue figures in paragraph 4, profit figure in paragraph 5, majority voting rights ownership in paragraph 6)

Sept 16 (Reuters) - Endeavor Group Holdings Inc said on Monday it was looking to raise up to $619 million in an initial public offering that could value the U.S. talent agency and events company at as much as $7.8 billion.

The Beverly Hills, California based-company plans to offer about 19.4 million shares of its Class-A stock, priced between $30 and $32, it said in a regulatory filing bit.ly/2lQ3U3h.

The company said it intends to use proceeds from the offering to repay $500 million of outstanding long-term borrowings and for acquisitions and complementary businesses.

For 2018, the company had posted revenue of $3.61 billion, compared with $3.02 billion in 2017.

Endeavor, which counts actor Dwayne Johnson and sportswear maker Under Armour Inc among its clients, also reported a profit of $316.5 million for 2018, compared to a loss a year earlier.

Founding partner Ariel Emanuel, chairman Patrick Whitesell and investor Silver Lake Partners will retain the vast majority of voting rights in the company after the IPO through a multi-class share structure.

Goldman Sachs, KKR, J.P. Morgan, Morgan Stanley are the IPO’s lead underwriters. (Reporting by Abhishek Manikandan in Bengaluru; Editing by Maju Samuel)

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