China’s Zhonghong Group has completed its previously announced acquisition of the approximately 21% equity interest in SeaWorld Entertainment formerly held by The Blackstone Group. The deal prices the stake at US$23.00 per share.
As a result of the deal, Zhonghong Group executives Yoshikazu Maruyama and Yongli Wang will be appointed to the SeaWorld board of directors. This will be immediately after the park operator’s upcoming annual meeting of stockholders. More details appear in this investor relations notice from SeaWorld.
Further, as revealed previously, SeaWorld has signed agreements with an affiliate of Zhonghong Group to support the creation of concept designs and development analysis for theme parks, waterparks, interactive parks and FEC concepts in China, Taiwan, Hong Kong and Macau over the next three years. These agreements are expected to generate approximately $14 million in revenue for SeaWorld Entertainment over the next three years.
Image courtesy SeaWorld Entertainment