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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.
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p11
New fund offers £100m for major heritage projects Ros Kerslake: Fund to reflect transformational heritage
p23