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Silver Lake looking into TEG exit options – report

Investor Silver Lake is reportedly looking into exit options for ticketing and live entertainment business TEG. 

According to the Australian Financial Review, Silver Lake and TEG have been talking to investment banks in recent weeks to paint a picture of who may be willing to invest in the company.

Talks are expected to mandate at least one bank to draw up exit options, which could include a trade/private equity sale and initial public offering. It was reportedly made clear that the exit would be structured as a dual-track, which means that Silver Lake would be choosing to conduct an initial public offering while also pursuing a possible M&A exit.

Formerly owned by Nine Entertainment, TEG has also previously garnered interest from e-commerce businesses and stadium owners.

TEG, which also owns ticketing firm Ticketek, was acquired by Silver Lake in 2019.

Silver Lake bought the business from investment firm Affinity Equity Partners. With the deal completing in early 2020, like many other live entertainment businesses, TEG suffered during the pandemic. Not long after the deal was completed, a minority stake was sold to Sydney-based private equity firm Mercury Capital.

The report added that TEG and Silver Lake were more likely to go down the sale route as opposed to an ASX-listing (Australian Securities Exchange).