EQT launches €631m takeover bid for Parques Reunidos
Swedish private equity firm EQT has launched a takeover bid to acquire a majority stake in Madrid-listed amusement parks operator Parques Reunidos Servicios Centrales for €631m.
The bid values the company at around €1.1bn.
The offering was made via a bidco named Piolin, which is controlled by EQT and participated by Parques Reunidos' majority shareholders Groupe Bruxelles Lambert (owned by Miles Capital) and Corporación Financiera Alba.
The bidders offered €14 per share for a total of 45,046,782 shares, representing 55.79% of the company's share capital.
Established in 1967 as Parque de Atracciones Casa de Campo de Madrid, Parques Reunidos is an international entertainment parks operator based in Madrid. The company was listed on the Spanish stock exchange in 2016.
The group operates 61 parks, zoos, water parks, marine parks and entertainment centres located across Europe, the Americas, the Middle East and Australia. It generated EBITDA of €173.6m from revenues of €583m in 2018. In addition, its net debt increased to €567m, primarily driven by the acquisition of German park Belantis.
Parques Reunidos appointed Citigroup Global Markets as financial adviser and Uría Menéndez Abogados as legal adviser on the bid.
The offer is subject to acceptance by the company's board.
Parques Reunidos shares are currently trading at a price of €13.90.
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