Zhonghong Zhuoye Group will buy Blackstone’s 21 percent stake in SeaWorld Entertainment, the embattled U. S.-based marine park operator said on Friday.
China-based Zhonghong Zhuoye Group will buy Blackstone Group’s 21 percent stake in SeaWorld Entertainment , the embattled U. S.-based marine park operator said on Friday.
SeaWorld said Zhonghong Group would buy the stake for $23 per share, a premium of nearly 33 percent to the stock’s close on Thursday.
Zhonghong Group — a diversified holding company for investments in real estate, leisure and tourism — will pay about $429 million for the stake, according to Reuters calculations.
Blackstone will no longer have any interests or board seats at SeaWorld after the deal closes in the second quarter of 2017.
Private equity firm Blackstone, which bought SeaWorld in 2009 for $2.3 billion, has been reducing its stake in the company since taking it public in 2013.
