M&A

M&A

GMR Group to acquire UK’s Hampshire cricket team for Rs.483-Cr

Economic Times   Press Release  

GMR Group is to acquire 100% stake in UK-headquartered Hampshire Sport & Leisure Holdings Ltd (HSLHL), owner of Hampshire Cricket and Utilita Bowl stadium at a valuation of INR 483 crore (GBP 43 million). This is the first instance of a county cricket team being acquired by an overseas company.Initially, GMR will buy a 53% stake along with performance-linked incentives. The balance 47% will be acquired over a two-year period. The acquisition has been done through GMR Global Pte Ltd (GGPL), which aims to invest in global sports assets.The deal is expected to help HSLHL reduce debt while deepening GMR's involvement in cricket, which includes the Delhi Capitals franchise in the Indian Premier League and Women's Premier League, the Dubai Capitals (ILT20) and the Pretoria Capitals (SA20) besides investments in the Seattle Orcas team in Major League Cricket, US.The acquisition includes associated infrastructure in the form of Utilita Bowl, featuring a cricket stadium, hotel complex, and golf course.