PE Deals

EQT to invest in United Talent Agency, PSP to hold interest

As part of the transaction, Investcorp, which invested in UTA in 2018, will sell its full minority stake to EQT.

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  • EQT will also purchase a portion of existing stakes from continuing shareholders including Canada’s PSP Investments
  • The deal is expected to close later this month
  • EQT has 77 billion euros in assets under management across 36 active funds

EQT has become the largest outside shareholder in United Talent Agency, with the UTA partnership and leadership continuing to hold the controlling interest. No financial terms were disclosed.

UTA is a talent, entertainment and sports company.

As part of the transaction, Investcorp, which invested in UTA in 2018, will sell its full minority stake to EQT. EQT will also purchase a portion of existing stakes from continuing shareholders, including Canadian pension system PSP Investments.

Co-founded in 1991 by CEO Jeremy Zimmer, UTA represents iconic talent across a broad range of categories including TV, film, music, sports, digital media, publishing, podcasts, and more. It also provides advisory and marketing services to leading global brands. UTA has undergone a dramatic strategic expansion over the past few years, including the acquisition of top European publishing and talent agency, The Curtis Brown Group, in June of this year, and the purchase of MediaLink, the leading strategic advisory firm for entertainment and media companies, in December 2021.

On the transaction, Jeremy Zimmer, CEO of UTA, said in a statement: “EQT is the perfect partner for UTA’s next phase of growth. They have deep international capabilities, a strong balance sheet, and most importantly they truly appreciate and respect the culture that we have built at UTA.”

The transaction is expected to close later this month.

UTA was advised by Moelis & Company (exclusive financial advisor) and Skadden Arps, Slate, Meagher & Flom LLP (legal). EQT Private Equity was advised by Weil, Gotshal & Manges (legal) and Bain & Company (commercial).

With the investment in UTA, EQT X (target fund size of EUR 20.0 billion and hard cap of EUR 21.5 billion) will be 5-10 percent invested based on its target fund size.

EQT has 77 billion euros in assets under management across 36 active funds.