IMG and EBX JV in Brazil

IMG Worldwide, a US-based sports, entertainment and media business, and EBX Group will form a 50/50 JV to pursue sports and entertainment opportunities in Brazil. The new company, to be called IMGX, will consider a broad range of investments. They may include golf and tennis tournaments, volleyball and surfing leagues, stadiums, and sports marketing businesses geared toward the upcoming World Cup and Olympic games, according to an IMG spokesman. Eike Batista, founder and chairman of EBX, a Brazilian infrastructure and natural resource developer, is also investing in the Rio marina, and IMGX may seek to leverage developments there with additional sports and entertainment investments. No advisors were retained on the deal, and IMG did not respond to questions regarding capitalization plans for the new company.