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NBA Africa Valued at $1 Billion With Watsa, Mutombo Backing (2)

May 25, 2021, 7:34 AM

The National Basketball Association Inc. is expanding in Africa through a deal that values its operations on the continent at $1 billion.

Private equity firm Helios Fairfax Partners Corp. invested in the new African entity alongside Tunde Folawiyo, chairman of Yinka Folawiyo Group, the NBA said in a statement on Monday. Former NBA players Dikembe Mutombo, Junior Bridgeman, Luol Deng, Grant Hill and Joakim Noah also invested. Altogether, the investors have acquired an 8% stake, a person familiar with the deal said, asking not to be identified because the details are private.

The NBA will spend the ...

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