Endeavor to Buy Sports Betting Unit From Scientific Games for $1.2 Billion

The logo of Endeavor Group Holdings Inc. at the New York Stock Exchange on the morning of its public listing in New York on April 29, 2021. Shannon stapleton/Reuters

Endeavor Group Holdings Inc, the owner of the Ultimate Fighting Championship, will acquire sports betting business OpenBet from Scientific Games Corp. for $1.2 billion in cash and stock, the companies said on Monday.

Endeavor, whose shares were up nearly 10 percent in extended trading, said the acquisition will strengthen its position in the sports betting industry.