China: Wanda Group Makes Further Investments in the Sports Sector

The China-based entertainment and real estate company Dalian Wanda Group Co., Ltd. has reached an agreement to acquire 100 percent of the World Triathlon Corporation IRONMAN. The deal between Wanda Group and the former IRONMAN owner Providence Equity Partners, a global private equity firm, was closed for a sum of approximately 650 million US dollars (around 575 million euros).

“Wanda Group’s acquisition of IRONMAN marks another exciting chapter and opportunity for the future growth of IRONMAN after seven successful years of ownership by Providence Equity Partners. Wanda Group is a global-minded organization that shares our desire for excellence and continued growth, particularly in Asia. We are delighted to be part of the Wanda Group family of companies and are excited about the future of IRONMAN as we continue to provide life changing race experience for athletes of all levels from their first step to the finish line,” IRONMAN’s CEO Andrew Messick says.

Earlier this year, Wanda Group spent 1.05 billion euros to take over the majority holdings in Infront Sports & Media, Europe’s largest sporting rights marketing company (cf. EAP, issue 2/2015). With these new businesses, the group now has sports sales, media and marketing capabilities on six continents with strong positions in North America, Europe, China, South Africa, Australia and New Zealand. (eap)