SeaWorld Entertainment, Inc. (NYSE: SEAS), a leading theme park and entertainment company, today announced that a wholly owned subsidiary of Zhonghong Zhuoye Group Co., Ltd. has completed its previously announced acquisition of an approximately 21% equity interest in SeaWorld from certain funds affiliated with The Blackstone Group L.P. fat a price of $23.00 per share.
In connection with the closing of the share acquisition, Zhonghong Group executives Yoshikazu Maruyama, President of Zhonghong Group’s American operation, and Yongli Wang, Chief Strategy Officer of Zhonghong Group, will be appointed to the SeaWorld Board of Directors immediately after SeaWorld’s 2017 annual meeting of stockholders, providing the perspectives of a long-term shareholder and substantive expertise in global themed entertainment and business development in China. SeaWorld is also increasing the size of its Board from 10 directors to 11 directors, and Mr. Peter Wallace, Senior Managing Director in Blackstone’s Private Equity Group, has resigned as a director, in each case effective immediately after SeaWorld’s 2017 annual meeting of stockholders.
Further, as previously announced, SeaWorld has signed agreements with an affiliate of Zhonghong Group to support the creation of concept designs and provide development analysis for theme parks, water parks, and interactive parks, along with supporting the visioning of a preliminary family entertainment center concept, and to evaluate potential development opportunities with Zhonghong Group in China, Taiwan, Hong Kong, and Macau over the next three years. These agreements are expected to generate approximately $14 million in revenue for SeaWorld over the next three years.
About SeaWorld Entertainment, Inc.
SeaWorld Entertainment, Inc. (NYSE: SEAS) is a leading theme park and entertainment company providing experiences that matter, and inspiring guests to protect animals and the wild wonders of our world. SeaWorld is one of the world’s foremost zoological organizations and a global leader in animal welfare, training, husbandry, and veterinary care. SeaWorld collectively cares for what it believes is one of the largest zoological collections in the world and has helped lead advances in the care of animals. SeaWorld also rescues and rehabilitates marine and terrestrial animals that are ill, injured, orphaned, or abandoned, with the goal of returning them to the wild. The SeaWorld® rescue team has helped more than 29,000 animals in need over the last 50 years.
SeaWorld Entertainment, Inc. owns or licenses a portfolio of recognized brands including SeaWorld, Busch Gardens®, and Sea Rescue®. Over its more than 50-year history, SeaWorld has built a diversified portfolio of 12 destination and regional theme parks that are grouped in key markets across the United States, many of which showcase its one-of-a-kind zoological collection. SeaWorld’s theme parks feature a diverse array of rides, shows, and other attractions with broad demographic appeal which deliver memorable experiences and a strong value proposition for its guests.
About Zhonghong Group
Zhonghong Group was founded in 1993, and is a diversified holding company headquartered in Beijing, China, with investments in real estate, leisure, culture, and tourism industries. Most recently, the Zhonghong Group acquired Abercrombie & Kent, Group of Companies, S.A., a major international luxury and adventure tour operator. Zhonghong Group has over 13,500 employees globally with varied backgrounds ranging from tourism, finance, real estate, hospitality, leisure, and recreation.
Zhonghong Holding Co., Ltd. (SHE: 000979) is an affiliate of Zhonghong Group and was listed in 2010 on the Shenzhen Stock Exchange. The company is principally focused on real estate development and management of leisure, culture, and tourism projects throughout China, with a large portfolio of land holdings in China’s most strategic tourism destinations.
