China-based, Nasdaq-listed sports marketing company Wanda Sports Group is considering selling the Ironman series of endurance events, according to Bloomberg.
Citing sources familiar with the matter, the news agency said Wanda Sports is hoping to raise US$1 billion from a potential sale of the triathlon business, which its parent company Dalian Wanda Group acquired in 2015 when it purchased Ironman’s parent company World Triathlon Corporation for US$650 million.
Bloomberg’s report noted that Wanda Sports is working with an adviser to determine whether or not to proceed with a sale, adding that the Beijing-based company has already held discussions with interested private equity buyers.
The report comes just weeks after the Professional Triathletes Organisation (PTO) made a second proposal to enter into discussions with Wanda Sports about acquiring Ironman, stating in a letter sent to the company that it was prepared to consider an all-cash transaction. Wanda rejected the PTO’s first approach in October last year.
Ironman is part of Wanda Sports’ mass participation business, which also includes events such as the Rock ‘n’ Roll Marathon Series, Standard Chartered Singapore Marathon and Absa Cape Epic.
In November Wanda Sports’ third quarter financial report revealed that its mass participation segment had accounted for 46 per cent of overall revenue for the three months ending 30th September 2019, generating €113.4 million. However, the wider company saw the value of its shares drop more than 14 per cent after reporting net losses of €31.2 million for the period.
News that Wanda Sports is considering selling Ironman saw that share price rebound on 18th February, with Bloomberg reporting that the company’s stock was up a record 46 per cent in New York.
China-based, Nasdaq-listed sports marketing company Wanda Sports Group is considering selling the Ironman series of endurance events, according to Bloomberg.
Citing sources familiar with the matter, the news agency said Wanda Sports is hoping to raise US$1 billion from a potential sale of the triathlon business, which its parent company Dalian Wanda Group acquired in 2015 when it purchased Ironman’s parent company World Triathlon Corporation for US$650 million.
Bloomberg’s report noted that Wanda Sports is working with an adviser to determine whether or not to proceed with a sale, adding that the Beijing-based company has already held discussions with interested private equity buyers.
The report comes just weeks after the Professional Triathletes Organisation (PTO) made a second proposal to enter into discussions with Wanda Sports about acquiring Ironman, stating in a letter sent to the company that it was prepared to consider an all-cash transaction. Wanda rejected the PTO’s first approach in October last year.
Ironman is part of Wanda Sports’ mass participation business, which also includes events such as the Rock ‘n’ Roll Marathon Series, Standard Chartered Singapore Marathon and Absa Cape Epic.
In November Wanda Sports’ third quarter financial report revealed that its mass participation segment had accounted for 46 per cent of overall revenue for the three months ending 30th September 2019, generating €113.4 million. However, the wider company saw the value of its shares drop more than 14 per cent after reporting net losses of €31.2 million for the period.
News that Wanda Sports is considering selling Ironman saw that share price rebound on 18th February, with Bloomberg reporting that the company’s stock was up a record 46 per cent in New York.
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