Silver Lake, a private equity firm, today announced that it is acquiring Endeavor Group Holdings for $27.50 a share.

The purchase price is valued at $13 billion and the transaction is expected to be finalized by the end of the first quarter of 2025.

As part of the deal and majority owner of TKO Group Holdings which owns WWE and UFC, TKO will remain a public company.

“We believe this transaction will maximize value for all of Endeavor’s public stockholders and are excited to continue to unlock and invest in the growth opportunities ahead as a private company,” Endeavor CEO Ariel Emanuel said in a statement.

Silver Lake initially invested in Endeavor in 2012 and helped with the sale of UFC in 2016.

TKO shares rose nearly 5% after the news was announced and is now trading at just over $90.