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Swedish private equity firm EQT is leading a takeover bid for Parques Reunidos, the Madrid-based attractions operator.
Piolin Bidco, which is made up of EQT as well as Miles Capital and Alba, is offering $15.6 (€14) a share, for 55.79 percent of the company, around $702.7 million (€630.7 million) in total. The offer values the whole company at around $1.3 billion.
Miles Capital, through an entity called Groupe Bruxelles Lambert, and Alba, together already own just over 44 percent of Parques Reunidos shares, so the offer is for the remainder.
Parques Reunidos can trace its origins back to 1967 and the Caso de Campo theme park in Madrid. Since then it has expanded across Europe, North America, the Middle East, and Australia. It has more than 60 attractions in its portfolio including zoos, aquariums, and waterparks.
In 2016, Parques Reunidos completed its IPO, with shares priced at $17.3 (€15.5) and valuing it at $1.4 billion (€1.25 billion). The board of Parques Reunidos will now meet to discuss the offer.
Parques Reunidos generated $649.8 million (€583.1 million) in revenue in 2018. In comparison, Merlin Entertainments, which operates brands including Madame Tussauds, made $2.2 billion (£1.7 billion) and Six Flags $1.5 billion.