chinas wanda mulls sport unit ipo and sale of overseas assets
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

China's Wanda mulls sport unit IPO and sale of overseas assets

Egypt Today, egypt today

Egypt Today, egypt today China's Wanda mulls sport unit IPO and sale of overseas assets

China's Dalian Wanda Group
Hong Kong - Egypt Today

China's Dalian Wanda Group is considering a Hong Kong listing for its sports assets as part of efforts to rationalise its portfolio that could also include other sales, according to five people familiar with the situation.

The conglomerate last month tapped investment banks for a potential initial public offering of its sports businesses, three of the sources said. Citic Securities, China's largest brokerage, is one of the banks involved, added one of them.

A spokesman for Citic Securities declined to comment.

Wanda's businesses range from real estate to football and cinemas but it has been rattled in the past year by a government-led crackdown on overseas deals and high leverage. The company is owned by Wang Jianlin, one of China's richest men.

An IPO of Wanda's sports assets would include Infront Sports & Media, a Swiss sports marketing company and World Triathlon Corp, the organiser and promoter of the Ironman race, according to three of the people.

The two were acquired in 2015 for $1.2 billion and $650 million respectively.

The share offering would also include Wanda's smaller sports assets in China, such as cycling and basketball leagues, one of them said. The public float would not involve Wanda's 20 per cent stake in the Spanish football club Atletico Madrid, valued at 67 million euros after a recent capital raise, the source said.

The IPO would most likely take place in Hong Kong, but bankers have also pitched for a US listing, according to the people.

Wanda is separately looking to sell Sunseeker International, a British yacht maker it bought in 2013 for $495 million, two other sources said, but this was denied in a subsequent statement on Friday from Sunseeker's CEO Phil Popham.

Popham said the company had under Wanda's ownership turned around to record a profit of 6 million pounds ($8.1 million) in 2016 from losses of more than 30 million pounds previously. The figures are on an earnings before interest, tax, depreciation and amortization (EBITDA) basis.

He said Wanda remained totally committed to supporting Sunseeker's future growth but that discussions are taking place with appropriate strategic partners that could assist with the company's future development objectives.

Wanda declined to comment. The sources for this story could not be named as the plans are confidential.

Wanda's interest in property, sports and entertainment — accounting for more than $13 billion of its deals in the past five years — ran into official opposition last year when Beijing labelled overseas deals in those areas "irrational".

In addition to sports, its holdings also include the cinema chain AMC Entertainment Holdings and movie studio Legendary Entertainment.

The company is also considering the merits of a pre-IPO funding round for the sports unit, according to one of the people. All plans are still at an early stage however as Wanda is seeking a chief financial officer for the sports business to lead the fundraising efforts, said another of the people.

Property forms the basis of the Wanda empire — its mixed use Wanda Plaza developments are common across China — but this too has put pressure on Wang's business.

Last year, Chinese regulators told banks to stop providing funding for several of its overseas acquisitions as Beijing looks to curb the conglomerate's offshore buying spree.

Shortly after, Wanda sold a portfolio of hotels and tourism assets, including 13 theme parks, for $9 billion to Guangzhou R&F Properties and Sunac China. Five flagship overseas developments — in London, Chicago, Los Angeles, Sydney and Australia's Gold Coast — are also available for sale, according to one source.

Source:Timesofoman

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

chinas wanda mulls sport unit ipo and sale of overseas assets chinas wanda mulls sport unit ipo and sale of overseas assets



GMT 06:29 2011 Monday ,14 November

Matthew cruises to win at Ochoa Invitational

GMT 03:34 2017 Wednesday ,22 March

Tillerson to skip NATO meeting next month

GMT 13:44 2013 Friday ,15 March

Israel suppress Palestinian demonstrations

GMT 16:15 2017 Monday ,01 May

Moroccan Workers’ Syndicate

GMT 11:56 2016 Wednesday ,12 October

Toyota, Suzuki eye partnership as industry consolidates

GMT 15:42 2011 Thursday ,23 June

Express checks in with foursquare

GMT 10:49 2017 Sunday ,13 August

Car rams into crowd at violent Virginia rally

GMT 17:45 2013 Sunday ,20 October

5 Indian spices that are good for your health

GMT 08:41 2012 Saturday ,15 September

Italian magazine: will print Kate topless snaps

GMT 08:02 2012 Tuesday ,05 June

Zoe Saldana in Prabal Gurung

GMT 06:11 2012 Saturday ,15 September

Tunisia’s Media Conflict: Journalists fight for freedom

GMT 14:35 2015 Friday ,24 July

Awqaf Minister hails New Suez Canal project

GMT 16:34 2017 Thursday ,28 December

Hitler's Nazi-parade Mercedes set

GMT 11:22 2011 Monday ,10 October

Paul McCartney to play in Moscow in December

GMT 05:17 2015 Friday ,25 September

Pope expresses solidarity with Muslims after stampede

GMT 05:44 2012 Saturday ,21 April

ATV engine 95 HP

GMT 03:01 2011 Monday ,19 September

Laughter, tears at US television\'s Emmy awards

GMT 12:04 2012 Wednesday ,07 March

6 Music animation draws on 10 years of eclectic radio

GMT 01:00 2015 Sunday ,05 April

Barzani congratulates Abadi on Tikrit victory

GMT 13:24 2015 Thursday ,15 October

Tesla installs 'autopilot' update

GMT 06:17 2012 Monday ,02 January

Countries across the world celebrate the New Year

GMT 04:07 2016 Tuesday ,07 June

For new era of self-driving cars

GMT 08:21 2017 Saturday ,23 December

Saudi-Sudanese Deal to Ease Transfers

GMT 11:08 2017 Thursday ,21 December

Asian markets mostly down as tax cut euphoria wanes
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday