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.

IRONMAN Triathlon-owner Wanda Sports Group starts IPO process with target to raise US$500 million

According to two recent sources (NASDAQ, Renaissance Capital), Dalian Wanda Group is starting the IPO process for IRONMAN with a target range to raise US$500 million up to US$1 billion. 3athlon reported earlier in 2018 and 2019. full 162 page prelimary SEC Form F1 linked below.

Quote, NASDAQ:

IRONMAN to IPO: Global sports owner Wanda Sports Group files for a $500 million US IPO 

Wanda Sports Group, the sporting and live events unit being spun out of China's Wanda Group, filed on Friday with the SEC to raise up to $500 million in an initial public offering. 

Wanda Sports is one of the world's largest sports events, media and marketing platforms in terms of revenue in 2018, owning Infront Sports & Media, World Endurance Holdings (owner of the IRONMAN triathlon competition and brand) and Wanda Sports Co (owner of the China Cup International Football Tournament and the UCI Tour of Guangxi). 

The Beijing, China-based company traces its roots to 1980 and booked $1.3 billion in sales for the 12 months ended March 31, 2019. It plans to list on the Nasdaq under the symbol WSG. Wanda Sports Group filed confidentially on March 20, 2019. Morgan Stanley, Deutsche Bank and Citi are the joint bookrunners on the deal. No pricing terms were disclosed.  

The article IRONMAN to IPO: Global sports owner Wanda Sports Group files for a $500 million US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.  

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

Quote, Renaissance Capital:

IRONMAN to IPO: Global sports owner Wanda Sports Group files for a $500 million US IPO 

Wanda Sports Group, the sporting and live events unit being spun out of China's Wanda Group, filed on Friday with the SEC to raise up to $500 million in an initial public offering. 

Wanda Sports is one of the world's largest sports events, media and marketing platforms in terms of revenue in 2018, owning Infront Sports & Media, World Endurance Holdings (owner of the IRONMAN triathlon competition and brand) and Wanda Sports Co (owner of the China Cup International Football Tournament and the UCI Tour of Guangxi). 

The Beijing, China-based company traces its roots to 1980 and booked $1.3 billion in sales for the 12 months ended March 31, 2019. It plans to list on the Nasdaq under the symbol WSG. Wanda Sports Group filed confidentially on March 20, 2019. Morgan Stanley, Deutsche Bank and Citi are the joint bookrunners on the deal. No pricing terms were disclosed. 

1. NASDAQ: IRONMAN to IPO: Global sports owner Wanda Sports Group files for a $500 million US IPO
2. Renaissance Capital: IRONMAN to IPO: Global sports owner Wanda Sports Group files for a $500 million US IPO
3. Wanda Sports Group Company Limited, FORM F-1 as filed with the Securities and Exchange Commission (SEC) on June 7, 2019
4. China's Wanda files for U.S. IPO of sports unit including WTC's IRONMAN series to raise up to $500 million: sources
5. Wang Jianlin's sports holding within Dalian Wanda Group might consider an IPO and sale of overseas assets including Infront Sports & Media AG, World Triathlon Corp (Ironman)

China's Wanda files for U.S. IPO of sports unit including WTC's IRONMAN series to raise up to $500 million: sources

According to report by Reuters (by Kane Wu, Julia Fioretti, Julie Zhu, Joshua Franklin, Julia Fioretti, Simon Cameron-Moore) China's Dalian Wanda Group files just 4 years after the acquisiation of World Triathlon Corporation (WTC) in 2015 for U.S. IPO of sports unit including WTC's IRONMAN series to raise up to $500 million.[1] This would be the long expected step towards public trading of iconic races like IRONMAN Hawaii Triathlon on the Big Island of Hawaii.[2]:

Chinese conglomerate Dalian Wanda Group has filed confidentially for a U.S. initial public offering of its sports unit that could fetch up to $500 million, according to sources with direct knowledge of the matter. 

The company made the filing with the U.S. Securities and Exchange Commission for the listing, which could happen in the first half of this year, the sources said.
The IPO could raise between $300 million and $500 million, the people said, though one cautioned that $500 million might be high. 

A Wanda spokesman did not provide any immediate comment. 

Wanda’s sprawling business empire ranges from real estate to sport to cinemas, but it has been rattled in the past years by a government-led crackdown on overseas deals and high leverage. 

The company owned by Wang Jianlin, one of China’s richest men, has since started offloading domestic and overseas holdings, including stakes in cinema operator AMC Entertainment and Spanish soccer club Atletico Madrid and a handful of property developments. 

Other Chinese conglomerates such as HNA group and Fosun International (0656.HK) have also faced government pressure to cut down on what Beijing has termed irrational overseas deals. 

An IPO of Wanda’s sports assets would include Infront Sports & Media AG, a Swiss sports marketing company and World Triathlon Corp, the organizer and promoter of the Ironman race, three sources previously told Reuters. 

The two were acquired in 2015 for $1.2 billion and $650 million respectively. Wanda, while preparing the IPO, had also received offers for the businesses from a number of private equity firms, Reuters reported. 

Citigroup (C.N), Deutsche Bank (DBKGn.DE) and Morgan Stanley (MS.N) are working on the deal, the sources said. Citigroup and Deutsche Bank declined to comment. Morgan Stanley did not immediately respond to a request for comment. 

Chinese companies have dominated the ranks of those looking to go public worldwide, raising $58.2 billion in IPOs last year, accounting for 29 percent of global issuers, according to Refinitiv data. 

They have also been very active in U.S. listings, raising $9.1 billion last year, the highest level since 2014, Refinitiv data showed.

1. China's Wanda files for U.S. IPO of sports unit to raise up to $500 million: sources 
2. Bulle oder Bär - kommt ein Initial Public Offering im Ironman Triathlon?