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Wanda Sports close to selling Ironman to Advance: Bloomberg
Posted on Thursday, 26 March 2020 10:32
Wanda Sports Group is in advanced discussions to offload its Ironman triathlon operations to Advance Publications, after months of media reports that the business is looking to sell, Bloomberg reported.
Citing people familiar with the matter, the news provider observed that an announcement could be made as soon as this week and is likely to value the sports event provider at USD 700.00 million.
The sources, who asked not to be identified as the situation is still private, cautioned there is no guarantee the advanced talks will lead to a deal and there is still time for the negotiations to fall apart.
Wanda Sports declined to comment while Advance did not respond to Bloomberg’s requests for a statement.
Last month, the news provider observed that Wanda Sports is engaging discussions to sell its Ironman business, which led to a confirmation from the company.
The target manages 170 races per year around the world including locations in Ireland, New York and the Philippines.
Dalian Wanda Group paid USD 650.00 million for World Triathlon – the owner of the Ironman triathlon unit - from Providence Equity Partners in 2015.
Earlier this month, Wanda Sports said it raised USD 240.00 million in a senior term loan facility with Credit Suisse.
Advance’s portfolio includes Condé Nast, Advance Local, Stage Entertainment, American City Business Journals, Leaders Group.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 26 deals targeting promotors of performing arts, sports, and similar events announced worldwide in 2020 to date.
In the largest of these, 32 Equity and Endeavor Group Holdings have agreed to acquire the majority of premium experiential hospitality business services On Location Events for USD 600.00 million.
Taiwan-based Wuzi Development, China’s Beijing Xingzhi Sports, British Virgin Islands-incorporated Success View Global and US-headquartered Kindred Events, among others, have also been targeted in the year to date.
© Zephus Ltd