Sportradar announces offering of 23M Class A ordinary shares for holders

Sportradar (SRAD) Group announced a proposed secondary public offering of an aggregate of 23M Class A ordinary shares of the company by an affiliate of Canada Pension Plan Investment Board, an affiliate of Technology Crossover Ventures, and Carsten Koerl, the company’s CEO. In addition, Sportradar has authorized the concurrent purchase from the underwriters of 3M Class A ordinary shares at a price per share equal to the price at which the underwriters purchase the shares from the Selling Shareholders in the Secondary Offering, up to a maximum of $75M, subject to the completion of the Secondary Offering. The Share Repurchase is part of the company’s existing $200M share repurchase program and the company intends to fund the Share Repurchase with cash on hand. The underwriters will not receive any underwriting fees for the shares being repurchased by the company. Goldman Sachs & Co. and J.P. Morgan are acting as joint book-running managers for the Secondary Offering.