NBA Africa valued at US$1B with Watsa, Mutombo backing
Loni Prinsloo, Bloomberg News NBA
The National Basketball Association Inc. is expanding in Africa through a deal that values its operations on the continent at US$1 billion.
Private equity firm Helios Fairfax Partners Corp. invested in the new African entity alongside Tunde Folawiyo, chairman of Yinka Folawiyo Group, the NBA said in a statement on Monday. Former NBA players Dikembe Mutombo, Junior Bridgeman, Luol Deng, Grant Hill and Joakim Noah also invested. Altogether, the investors have acquired an eight per cent stake, a person familiar with the deal said, asking not to be identified because the details are private.
NBA Commissioner Adam Silver announced the formation of a new NBA Africa company that will conduct the league s business on the continent, with outside investors joining along with NBA legends Dikembe Mutombo, Grant Hill, Joakim Noah and Luol Deng.
Specific terms of the investment in NBA Africa were not made available, but NBA commissioner Adam Silver said in a press conference Monday that the enterprise value for NBA Africa is worth nearly $1 billion.
Nigeria-based industrial group Yinka Folawiyo Group and Helios Fairfax Partners Corporation, an investment holding company that trades on the Toronto Stock Exchange under the ticker symbol HFPC, are investors in NBA Africa. Former NBA players Luol Deng and Joakim Noah are also investors.
Silver and NBA chief operating officer Mark Tatum will have NBA Africa board seats, joining Babatunde Folawiyo (CEO of Yinka Folawiyo) and Tope Lawani (co-CEO of Helios Fairfax). NBA Africa will be led by CEO Victor Williams.
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Helios Fairfax Partners, Yinka Folawiyo Group Chairman and CEO Babatunde “Tunde” Folawiyo Headline Group of African Business Leaders and NBA Legends Investing in NBA Africa (www.NBA.com); NBA Legends Junior Bridgeman, Luol Deng, Grant Hill, Dikembe Mutombo and Joakim Noah Also Invest in NBA Africa.
The National Basketball Association (NBA) today announced the formation of NBA Africa, a new entity that will conduct the league’s business in Africa, including the Basketball Africa League (BAL) – a partnership between the NBA and the International Basketball Federation (FIBA) and the NBA’s first collaboration to operate a league outside of North America. The inaugural BAL season, featuring 12 of the top club teams from 12 African countries, is underway in Kigali, Rwanda, and the first BAL Finals will be held Sunday, May 30 at 4:00 p.m. CAT / 10 a.m. ET.
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