Kohlberg Kravis Roberts & Co, the US private equity firm, is said to be a surprise entrant in the race to buy IMG. Meanwhile, sources close to the process have seen US buyout specialist Forstmann Little as the favourite in the auction for the agency that represents sports stars including Tiger Woods, Venus and Serena Williams and Wayne Gretzky.
IMG is seeking a private equity group to partner with existing management in buying the business. The seller, working with Rothschild North America, sought first round non-binding bids the week before last and has recently invited several suitors into the second round.
The Blackstone Group and Evercore Partners are also believed to be in the hunt.
Suitors needed to offer roughly $600m to get through to the round, which is higher than the $400m price that at least one prospective suitor anticipated.
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