The Firm is representing Blackstone in connection with its sale of an approximate 21% equity interest in SeaWorld to Zhonghong Group at a price of $23 per share. Upon receipt of regulatory approvals and satisfaction of other customary closing conditions, the transaction is expected to close in the second quarter of 2017. Following the closing, Blackstone will no longer hold any interests in SeaWorld or have seats on SeaWorld’s Board of Directors.
SeaWorld and an affiliate of Zhonghong Group have also agreed to advisory services and support agreements under which SeaWorld will advise Zhonghong exclusively on the concept development and design of theme parks, water parks and family entertainment centers to be developed and operated by Zhonghong, including exclusive rights in China, Taiwan, Hong Kong and Macau.
SeaWorld Entertainment, Inc. (NYSE: SEAS) is a leading theme park and entertainment company providing experiences that matter, and inspiring guests to protect animals and the wild wonders of our world.
Zhonghong Group was founded in 1993, and is a diversified holding company headquartered in Beijing, China, with investments in real estate, leisure, culture, and tourism industries.
The Simpson Thacher team includes Wilson Neely, Brian Stadler, Ravi Purushotham and Isaac Gruber (M&A—New York); Shaolin Luo and Amy Liu (M&A—Beijing); Gary Mandel and Sophie Staples (Tax); and Peter Thomas (Regulatory).