Emerald Media, a pan-Asia company backed by global investment firm KKR, acquired a significant minority stake (more than 15%) in Global Sports Commerce (GSC), a network of sports technology and management companies.
The US$80 million deal was structured through a combination of primary and secondary investments.
GSC works with large sports leagues such as the Premier League, FIFA, NRL Australia, Australian Football League and Indian Premier League. It conducts its business through subsidiaries and group companies spread across jurisdictions such as India, Singapore, the Middle East, Australia, and the UK and US.
“The global transaction involved legal diligence of the offshore entities and liaising with various offshore counsel,” said Darshika Kothari, a partner at AZB & Partners. “Since the transaction comprised both a primary investment in the target, as well as a combination of primary and secondary investments in Technology Frontiers [Techfront, an affiliate of GSC] … [it] involved significant structuring after factoring inputs from the promoters, ADV Partners – the existing financial investor – as well as [private equity firm] FidelisWorld – the outgoing investor.”