Latham guides IMG´s acquisition of Mutua and Acciona tennis and golf tournaments
Latham & Watkins has advised IMG on its acquisition of Mutua Madrid Open tennis tournament and the Acciona Open de España golf tournament
IMG, an Endeavor company and global leader in sports, events, media, and fashion, has announced that it has entered into a definitive agreement with Super Slam Ltd and its affiliates to acquire the Mutua Madrid Open tennis tournament and the Acciona Open de España golf tournament. The transaction is expected to close in the first quarter of 2022, subject to ATP / WTA and regulatory approvals.
As part of the acquisition, Madrid Trophy Promotion SLU (MTP), which operates the Mutua Madrid Open and Acciona Open de España golf tournament, will become part of IMG.
“The Mutua Madrid Open will be a strong addition to our global events portfolio and tennis business, which will now boast two of the three mandatory combined events on both tours,” said Sam Zussman, Co-President of Media and Events, IMG. “We’re looking forward to leveraging Endeavor’s broader network to further enhance the fan experience and add value across production, media, brand partnerships, retail, and hospitality, just as we’ve done with the Miami Open.”
Through the acquisition, Madrid Trophy Promotion SLU (MTP), the Spanish entity that operates the tournament, will become part of IMG, with MTP’s CEO and tournament director Gerard Tsobanian becoming Senior Vice President, Tennis Events, IMG. Tsobanian and his team will continue to oversee the day-to-day running of the Mutua Madrid Open as part of IMG’s global tennis events division led by Gavin Forbes.
Advice was provided on Corporate matters by Madrid partner María José Descalzo (pictured top left), with lawyers Veronika Miskovichova, Elena Martínez de Luco and Alba Arqué; on Employment matters by Madrid partner Naiara Rodríguez-Escudero (pictured top right); on Antitrust matters by Madrid partner José María Jiménez-Laiglesia (pictured bottom left) with associate Carlos Betoret and Madrid Tax partner Iván Rabanillo. The firm’s international team consisted of M&A partners Justin Hamill and Edward Barnett from the New York and London offices, respectively, and London Entertainment, Sports and Media partner Patrick Mitchell, with London associates Jennifer Cadet, Stewart Robinson and Leah Adeniran. In Competition, Brussels partner Sven Völcker with associate Susanna Dittrich Ingunza and, in Tax, London partner Sean Finn and New York partner Matthew Dewitz with associate Alan Kimball.