Zhonghong Group Acquires Significant Stake in SeaWorld Entertainment
Los Angeles and Shanghai – Paul Hastings LLP, a leading global law firm, announced today that the firm represented Zhonghong Zhuoye Group (“Zhonghong”), a diversified holding company focused on strategic growth opportunities in the leisure, tourism, and culture industries, in acquiring an approximately 21% equity interest in SeaWorld from certain funds affiliated with Blackstone for approximately US$448 million.
Zhonghong has entered into a stockholders agreement with SeaWorld and, effective upon closing of the transaction, SeaWorld will increase the size of its Board to 11 and two Zhonghong executives will join the SeaWorld Board.
Upon receipt of regulatory approvals and satisfaction of other customary closing conditions, the transaction is expected to close in the second quarter of 2017.
The Paul Hastings team was led by M&A partners
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