We are advising Learfield on the transaction

Davis Polk is advising Learfield on its sale to TPG. TPG will invest in Learfield through its TPG Capital and TPG Sports platforms. Following the transaction, Charlesbank Capital Partners will remain a minority investor in Learfield, with Learfield’s other investors exiting their stakes in the company. The transaction is expected to close in the third quarter of 2026, subject to customary approvals and closing conditions. Financial terms of the transaction were not disclosed.

Learfield is the leading media and technology company powering college athletics. Through its digital and physical platforms, Learfield owns and leverages a deep data set and relationships in the industry to drive revenue, growth, brand awareness and fan engagement for brands, sports and entertainment properties. With ties to over 1,200 collegiate institutions and over 12,000 local and national brand partners, Learfield enables schools and brands to connect with fans through licensed merchandise, game ticketing, donor identification for athletic programs, exclusive custom content, innovative marketing initiatives, NIL solutions and advanced digital platforms. TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $303 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate and market solutions.

The Davis Polk corporate team includes partners William J. Chudd, Cheryl Chan and Brian Wolfe and associates Andrew R. Board and Keane Brazda. Partner Hilary Dengel and counsel Natalie Lin are providing sponsor finance advice. Partner Ethan R. Goldman is providing tax advice. Partner Veronica M. Wissel and counsel Andrew H. Braid are providing executive compensation advice. Partner Matthew J. Bacal is providing intellectual property advice. Partner Arthur J. Burke is providing antitrust and competition advice. All members of the Davis Polk team are based in the New York office.

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