Falcon’s Beyond Global, a fully integrated development enterprise for IP-driven parks, resorts, media and merchandise, has entered into a nonbinding letter of intent (LOI) to operate Oceaneering Entertainment Systems (OES).
This follows the announcement that Infinite Acquisitions Partners LLC, a major stockholder of Falcon’s Beyond, has entered into a nonbinding LOI with Oceaneering International, Inc. (OII) to take ownership of OES through an acquisition of assets.
Opportunity to grow the OES brand
OES, OII’s entertainment-focused subsidiary, has been an industry leader in building complex ride and show systems for more than 25 years. It is a multi-award-winning innovator in entertainment systems and show equipment, and a dependable supplier to the world’s leading theme park developers and operators. OES began working with Falcon’s Beyond over two decades ago, and the organisations have collaborated on themed entertainment projects across the world.
If the transactions are completed, Infinite, as the owner of OES, will draw on Falcon’s Beyond’s expertise to operate the newly acquired company. This will include the development and support of trackless ride vehicles, flying theatres, and more. Falcon’s Beyond will look to employ key OES staff in the operation of OES.
“We are excited about the opportunity to own and grow OES,” says Lucas Demerau, president of Infinite. “We believe that Falcon’s expertise in experiential-themed entertainment and technology makes them a great fit and they’ll be able to operate and further amplify the OES brand.”
Cecil D. Magpuri, CEO of Falcon’s Beyond, says: “We are thrilled to pursue the opportunity to operate OES and to build upon OES’ legacy of innovation powered by world-class employees. This strategic move would further bolster Falcon’s Beyond’s platform as a world-class entertainment provider.”
Dave Mauck, vice president and general manager of OII, says: “Falcon’s innovative attraction development and storytelling prowess make it an ideal operator of OES. Existing OES customers would remain customers of OES, with Falcon’s Beyond servicing the contracts and providing the same high quality and level of service that has built OES’s stellar reputation.”
The transactions involving Infinite, OII, OES and Falcon’s Beyond are subject to ongoing discussions, due diligence and the execution of binding agreements, and there is no assurance that binding agreements for the transactions will be executed.
Falcon’s Beyond recently announced the establishment of its advisory board and the engagement of Mike Hightower, former president of Universal Creative, as its first strategic advisor.
