WANDA Sells, but NOT to PTO but to Advance (US Group)
Full article is here: https://www.endurancebusiness.com/2020/industry-news/ironman-group-sold-to-advance-in-all-cash-transaction/
Advance is US owned. Says that Wanda will continue to operate in China, but sounds like new operations in rest of world. Potentially a big WIN For the sport...
Wanda pd $900 using ≈$250m of debt…, so $650 equity. not much gain.
In 2014 IM brought in $183M, 2019 as they stopped licensing events and started putting them on, made $835M.
For reference, here is the info from a 2019 article when WANDA went IPO: https://www.triathlete.com/culture/news/what-the-initial-ironman-ipo-filing-tells-us/
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Interesting to read the F1 Wanda filed with SEC in Jun 2019... Wanda was expecting an IPO enterprise value of ≈$500m, but were snubbed and raised $190m. There is a lot of interesting data buried in the F1; gives a good view into how they make money off of us.