IMG Worldwide, Inc., KKR & Co. L.P. (NYSE:KKR) and Silver Lake agreed to acquire a majority stake in Ultimate Fighting Championship Ltd. from Zuffa, LLC for $4 billion on July 10, 2016. Under the terms of the transaction, IMG will serve as the operating owner of Ultimate Fighting Championship and Silver Lake and KKR will take up minority stakes in Ultimate Fighting Championship. Subsequent to the transaction, Zuffa, LLC will retain a minority stake in Ultimate Fighting Championship and Dana White, President of Ultimate Fighting Championship will retain his position and minority stake in Ultimate Fighting Championship. MSD Capital, L.P. and MSD Partners, L.P will provide preferred equity financing. The transaction is subject to customary closing conditions and is expected to close later in 2016. Justin Hamill, Chuck Googe, Jeanette Chan, Marta Kelly, Corinna Yu, David Mayo, Lynn Bayard, Aidan Synnott, Les Fagen, Daniel Crane, Salvatore Gogliormella, William O'Brien, Jeffrey B. Samuels and Lawrence I. Witdorchic of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to IMG Worldwide, Inc. Daniel Webb, Atif Azher, Dena Acevedo, Andrew Simon-Rooke, Jen Hobbs, Adam Shapiro, Katherine Chen, Ken Wallach, Hui Lin, Dan Webb, Andy Roy, Colin Lloyd, Katharine Moir, Jason Vollbracht and Tanvi Mirani of Simpson Thacher & Bartlett LLP acted as legal advisor to Silver Lake and IMG Worldwide. Sean Rodgers, Ravi Agarwal, Mike Beinus, Sara Zablotney, Ben Schreiner, Scott Price, Linda Myers, Melissa Hutson, David Nemecek, Brian Ford, Dennis Myers and Robert Goedert of Kirkland & Ellis LLP and Proskauer Rose LLP acted as legal advisor to the buying group. Mitchell Presser, Doug Bacon, Paul Humphreys, Robert Scarborough, Dennis Caracristi, David Almroth and Kyle Lakin of Freshfields acted as legal advisor to MSD Capital. Barclays, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., affiliates of Goldman, Sachs & Co., and KKR Capital Markets LLC acted as financial advisors to the buying group and are providing financing for the transaction. Deborah Conrad, David Isenberg, Mark Castiglia, Jack Goodfriend and Mark Vible, Russ Kestenbaum, Max Goodman, Mike Shah, James Beebe, Fiona Schaeffer and Ken Baronsky and Adam Moses of Milbank, Tweed, Hadley & McCloy LLP acted as legal advisors for Zuffa and Flash while The Raine Group and J.P. Morgan acted as financial advisors to them in the transaction. Joe Leccese of Proskauer acted as legal advisor to Kohlberg Kravis Roberts & Co. LP (KKR). J. Leibowitz of Davis Polk & Wardwell acted as the legal advisor to Ultimate Fighting Championship Ltd.