Elliott buys minority stake in EQT-backed Parques Reunidos

Alessia Argentieri
21 October 2019

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US-based investment management firm Elliott Management has used its Elliott Capital vehicle to acquire a 12.79% stake worth around €140m in Madrid-listed amusement parks operator Parques Reunidos, which is controlled by Swedish private equity firm EQT.

Elliott bought 10.3 million shares in the company from French private equity firm Syquant Capital, which has fully exited the investment.

With this transaction, Elliott becomes the second main shareholder in the company after Piolin, a bidco controlled by EQT, and participated by Corporación Financiera Alba and Groupe Bruxelles Lambert (owned by Miles Capital). Piolin owns a 86.4% stake.

EQT launched a takeover bid to acquire a majority stake in Madrid-listed amusement parks operator Parques Reunidos Servicios Centrales for €631m in April 2019. The bid valued the company at around €1.1bn.

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 shares are currently trading at €13.80 apiece.