Authentic Brands Group is buying a majority stake in former soccer player David Beckham’s brand-management company, according to a person familiar with the matter.
Authentic Brands will pay about 200 million pounds (about R4.3bn) for a 55% stake in Beckham’s DB Ventures LLC, said the person, who asked to not be identified because the matter isn’t public.
The deal will give Authentic Brands revenue from one of the world’s most high-profile athletes, who retired from soccer in 2013 and today pitches for brands including Tudor watches. The New York-based branding firm owns the rights to iconic stars including including Elvis Presley and Shaquille O’Neal, who is also a major investor in Authentic Brands.
Representatives for Authentic Brands and DBV declined to comment. The Daily Mail first reported details of the Beckham deal.
Authentic Brands has branched out since Jamie Salter founded it in 2010, teaming with the mall landlords to buy retailers including Aeropostale Inc. and Brooks Brothers out of bankruptcy. In August, it agreed to buy sneaker brand Reebok from Adidas AG for about $2.5 billion.
Authentic Brands filed to go public last year but shelved the plan after agreeing in November to sell a 25% stake to CVC Capital Partners and HPS Investment Partners in a deal valuing the group at $12.7 billion, including debt.