Chinese property and investment firm Dalian Wanda Group said it has bought World Triathlon Corp (WTC), the Tampa, Florida-based owner of the popular Ironman Triathlon franchise, for US$650 million, Reuters reported on Thursday.
The news agency reported earlier this month that Dalian Wanda had outbid potential buyers for Ironman, entering exclusive talks to finalize the deal with WTC’s owner, private equity firm Providence Equity Partners LLC.
Dalian Wanda, controlled by billionaire Wang Jianlin, is the parent company of Dalian Wanda Commercial Properties Co. (3699.HK), China’s biggest commercial real estate developer.
According to Associated Press, the WTC acquisition will boost Wanda’s sports investment portfolio, which includes Swiss marketing firm Infront Sports & Media and a stake in Spanish champion football team Atletico Madrid.
The company said the deal “will bring a top international competition to China for the first time”.
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