01:01 PM EDT, 04/02/2024 (MT Newswires) -- (Updates with combined enterprise value in third paragraph and stock movement in last paragraph.)

Endeavor Group ( EDR ) , a sports and entertainment company, said Tuesday that it has agreed to be acquired by private equity firm Silver Lake for an equity value of $13 billion.

Under the terms of the deal, Silver Lake will acquire all of Endeavor's outstanding shares that it does not already own, other than rolled interests, for $27.50 per share in cash.

Silver Lake said it believes that when consolidating Endeavor with its TKO Group ( TKO ) , it will have a combined total enterprise value of $25 billion. TKO is not part of the transaction and will remain a publicly traded company.

Shares of TKO were up more than 4% in recent trading, while Endeavor's stock was up 2.7%.

Price: 25.94, Change: +0.64, Percent Change: +2.55