According to South China Morning Post, Dalian Wanda Group, owned by China's richest man Wang Jianlin is in talks to acquire IRONMAN's parent company World Triathlon Corporation (WTC). An mass participation sports asset would follow other acquisitions in the sports and media segment. Switzerland based sports marketing firm Infront Sports & Media was bought for EUR 1.05 billion in February 2015. A group, that was interested in WTC itself, but walked away from a deal. [1]
Maybe Infront's parent company can close a deal, certainly on a much lower price, than introduced from South China Morning Post. Not very reasonable sounds the "very high" price tag of $850m, considering assumed obligations like the $220m loan (due 2021) to pay a dividend to it's current owner Providence Equity partners and a $20 revolver due 2019 on WTC's balance sheet. Rating agency Moody's Investors Service has assigned a B2 Corporate Family Rating (CFR) and B2-PD Probability of Default Rating (PDR) to World Triathlon Corporation ("WTC" or "the company") in 2014. [2]
South China Morning Post wasn't able to get a confirmation from any involved party, but several of our own insider sources confirmed the negotiations and a very specific time window to close the deal around 10th of August 2015:
Maybe Infront's parent company can close a deal, certainly on a much lower price, than introduced from South China Morning Post. Not very reasonable sounds the "very high" price tag of $850m, considering assumed obligations like the $220m loan (due 2021) to pay a dividend to it's current owner Providence Equity partners and a $20 revolver due 2019 on WTC's balance sheet. Rating agency Moody's Investors Service has assigned a B2 Corporate Family Rating (CFR) and B2-PD Probability of Default Rating (PDR) to World Triathlon Corporation ("WTC" or "the company") in 2014. [2]
South China Morning Post wasn't able to get a confirmation from any involved party, but several of our own insider sources confirmed the negotiations and a very specific time window to close the deal around 10th of August 2015:
Dalian Wanda outbid other potential buyers for Ironman and is now in negotiations to finalise a deal with its owner, private equity firm Providence Equity Partners, the person said this week. There is no certainty that Dalian Wanda will manage to finalise a deal, the person added.The source asked not to be identified because the negotiations are confidential. A spokesman for Providence declined to comment, while representatives for Dalian Wanda and Ironman did not immediately respond to a request for comment.
- China’s richest man in talks to buy Ironman triathlon competition for more than US$850m. Wang Jianlin's company, Dalian Wanda Group, is in talks to purchase triathlon firm, says source.
- Rating Action: Moody's assigns B2 corporate family rating to World Triathlon Corporation, Global Credit Research - 17 Jun 2014
