Australian billionaire James Packer is buying a stake in OnlyFans for more than $3 billion
This is according to the Financial Times.
The San Francisco-based company is acquiring around 15% of the British platform’s shares. The market value of the entire service within this transaction has been estimated at $3.1 billion, and an official announcement of the sale is expected on Friday, 8 May.
The decision to raise external capital was taken following the death of the platform’s owner, Leonid Radvinsky. Despite the sale of a minority stake, control of OnlyFans remains with a family trust led by the entrepreneur’s widow, Katie Chudnovsky.
In addition to Packer, funds from other family offices and venture capital funds, including Slow Ventures, are involved in financing the deal.
The sale of a small stake is seen as a strategic move to attract new partners with experience in the media and gambling industries.
Although the Radvinsky family retains the right to make key decisions, the terms of the agreement with Architect Capital provide for the possibility of further increasing the investors’ stake in the company’s capital in the future.
As a reminder, it was previously reported that OnlyFans is preparing to sell a stake following the death of the platform’s owner, Leonid Radvinsky.
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