Leisure Opportunities 9th July 2019 Issue 766

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9 - 22 July 2019 Issue 766

Merlin sold in US$7.49bn mega deal Global attractions giant, Merlin Entertainments, has been sold to the family behind toy firm Lego in partnership with two other investors in a deal at 12 x EBITDA. Merlin is currently the world’s second largest family entertainment company – with Disney being the largest – and it has more than 130 attractions around the world. The acquisition values Merlin's shares at £4.8bn plus a further £1.1bn in debt. The deal will see a newly created entity, Bidco, take control of 70 per cent of Merlin's shares.

■■CEO Nick Varney has been at the helm of

Bidco is owned by Kirkbi – a wholly

Merlin Entertainments since its inception.

owned subsidiary of KIRKBI A/S, the private holding and investment company

on the terms of a recommended cash

of the Kirk Kristiansen family which

offer to be made by Bidco for the

manages the Lego brand – private equity

entire issued and to be issued share

giant Blackstone Core Equity Partners

capital of Merlin – other than Merlin

and Canadian pension fund CPPIB.

Shares owned or controlled by Kirkbi.

In a statement, Merlin said: "The

Merlin, which was floated on

independent directors of Merlin

the London Stock Exchange

Entertainments are pleased to announce

in 2013, will have its shares

that they have reached agreement

de-listed as part of the deal.

SPORT

Plan offers disadvantaged communities opportunities

Bidco

HEALTH AND FITNESS

Prince Harry backs £40m community sports campaign

p6

VISITOR ATTRACTIONS

Indoor cycling operator SoulCycle opens London site Elizabeth Cutler and Julie Rice founded the venture in 2006

The consortium recognises that significant, long-term investment is required to ensure longevity

p11

New fund offers £100m for major heritage projects Ros Kerslake: Fund to reflect transformational heritage

p23


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