(Bloomberg) -- Endeavor Group Holdings Inc., the talent agency and controlling investor in WWE and the Ultimate Fighting Championship, agreed to be acquired in a $13 billion buyout by the private equity group Silver Lake Management.

Silver Lake, which already owns a 71% voting stake in Endeavor, offered minority investors $27.50 a share for their holdings, according to a statement Tuesday. Endeavor, led by superagent Ari Emanuel, has a market value of about $12 billion. The offer has been approved by an independent committee of Endeavor’s board.

Silver Lake is following through on plans announced in October. Endeavor said at the time it was evaluating strategic options out of frustration with the company’s languishing stock, which has been trading around its initial offering price of $24 a share almost three years ago.

Endeavor owns 51% of TKO Group, the parent of both WWE and the Ultimate Fighting Championship. That business alone has a market value of more than $15 billion.

Read More: Endeavor Shares Rise on Prospects for Sale to Silver Lake

Including the holdings in TKO Group, Silver Lake put a $25 billion enterprise value on Tuesday’s deal, saying it’s the largest private equity takeover of a public company in more than a decade.

Share Gain

Shares of Endeavor, which rose as much as 3% Tuesday, were up 2.8% to $26 at 1:59 p.m. in New York trading. Silver Lake’s offer represents a 55% premium to Endeavor’s price on Oct. 25, the last full day of trading before the company announced it was weighing a possible sale, according to the companies.

“We believe this transaction will maximize value for all of Endeavor’s public stockholders and are excited to continue to unlock and invest in the growth opportunities ahead as a private company,” Emanuel, Endeavor’s chief executive officer, said in the statement.

The deal extends Silver Lake’s long involvement with Endeavor, which began in 2012. Silver Lake backed Endeavor’s takeover of the Ultimate Fighting Championship in 2016 and the merger of UFC and WWE last year, creating the publicly traded TKO Group.

Mubadala, Goldman

Completion of the deal isn’t subject to any financing condition, the parties said. It will be financed through a combination of new and reinvested equity from Silver Lake, additional capital anchored by Mubadala Investment Co., DFO Management LLC and Lexington Partners, as well as funds managed by Goldman Sachs Asset Management.

The backing also includes equity rolled over by members of the Endeavor management including Emanuel, Chairman Patrick Whitesell and President Mark Shapiro, along with new debt financing from a number of banks.

(Updates with financial details in last two paragraphs. The price premium was corrected in an earlier version of this story.)

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