Wanda completes acquisition of World Triathlon Corporation
19.11.2015
On 19 November (New York time, 18 November), Wanda Cultural Industry Group successfully completed the acquisition of the World Triathlon Corporation (WTC), signifying WTC has become an official member of Wanda Sports.
This acquisition enables China to take ownership of a world-class competition for the first time, while Wanda Sports has become the world’s largest company in the sports industry.
On 27 August, Wanda Cultural Industry Group and WTC signed an agreement in Beijing, announcing Wanda’s acquisition of 100% of WTC’s equity for US$650 million. Within less than three months after signing the agreement, Wanda successfully closed the deal, a miraculous speed among cross-border acquisitions.
Preparations for China’s Ironman events are in full swing. The WTC has selected and will approach a number of qualified cities, and some of these cities have already sent delegates to the 36th Ironman World Championship in Hawaii in October to learn from the experience. Due to the enormous impact the Ironman has in enhancing the city’s image and promoting related industries such as tourism, a number of cities expressed their strong desire to host the competition. Wanda Group Chairman Wang Jianlin indicated that at least 3-4 Chinese cities will be hosting the Ironman events next year.