(January 3 – 12:20 ET) – Assante Corp. has completed the acquisition of basketball agent Dan Fegan’s firm.

The deal was announced back on Dec. 6, 2000. This transaction is the fourth acquisition for the Assante Sports Management Group. The group was formed through the acquisitions of Steinberg Moorad & Dunn in November 1999, Maximum Sports Management in December 1999 and M.D. Gillis & Associates Ltd. in April 2000.

The deal sees Assante acquire all of the assets of Fegan’s basketball practice for an undisclosed amount of cash and 171,200 subordinate voting shares. The deal also involves an earn-out based on attaining financial targets over the five years following closing. The earn-out will be paid in an undisclosed amount of cash and up to 1,428,835 shares.

Leigh Steinberg, chairman and CEO of Assante Sports Management Group said, “With Dan on board, Assante now has dominant representation in each of the four major team sports in North America.”

Fegan provides sports and marketing representation to National Basketball Association athletes, prospects and former players. His client roster includes: Dale Davis of the Portland Trail Blazers, Chris Dudley from the Phoenix Suns, the Milwaukee Bucks’ Jerome Kersey, and Joe Smith of the Detroit Pistons.
-IE Staff