Dienstag, 18. Februar 2020

Wanda Sports considering $1 billion sale of Ironman triathlon, Bloomberg reports

Wanda Sports Group Co., part of Chinese billionaire Wang Jianlin’s conglomerate, is considering selling the global Ironman triathlon business it bought in 2015 for est. USD 650 million. Wanda Sports Group Co. is working with an adviser and has held discussions with some private-equity buyers that expressed interest in the business according to unnamed sources. The company holds also other sports assets outside China like Infront Sports & Media AG and many more.
A deal could come after Wanda Sports declined to enter talks last year with The Professional Triathletes Organization, which was interested in acquiring the Ironman business. The organization said at the time that excessive leverage has hampered Wanda Sports’s ability to invest in Ironman operations. 
Wanda Sports shares have dropped about 63% in New York trading since their July 2019 debut, paring the company’s market value to about $409 million. With total debt at about $968 million, the company has an enterprise value of about $1.2 billion, according to data compiled by Bloomberg. 

Read more on Bloomberg.