Deals
This Chinese Company Is Now SeaWorld's Largest Shareholder
- Zhonghong Zhuoye acquires 21% stake from Blackstone Group
- Orlando theme-park operator to increase size of board to 11
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China’s Zhonghong Zhuoye Group Co. agreed to acquire a 21 percent stake in SeaWorld Entertainment Inc. from Blackstone Group LP, becoming the embattled U.S. theme-park operator’s largest shareholder.
The Asian leisure and tourism holding company will pay Blackstone $23 a share, or about $448.5 million based on shares held at the end of December. That represents a 33 percent premium to SeaWorld’s closing price Thursday. The announcement sent the stock soaring.