Luxury yacht manufacturer Sunseeker is to be bought by China's largest premier commercial property and entertainment conglomerate, it has been confirmed today.
The Dalian Wanda Group have announced that it will be investing £320million to acquire a majority shareholding of 91.81% in Sunseeker International Ltd.
The remaining 8.19% of shares are to be acquired by Sunseeker management. The deal is expected to close by mid-August.
The Chinese group said it had entered 'a definitive agreement' with Sunseeker, as part of a significant UK investment program, which also includes a real estate project in Central London and the building of a five-star Wanda hotel.
These two investments in the UK follow Wanda's $2.6billion acquisition of AMC Entertainment Holdings, Inc. in 2012 and mark significant progress in the company's international development.
What's next for the Sunseeker brand?
Commenting on the Sunseeker acquisition, Wanda chairman Wang Jianlin said: 'Acquiring Sunseeker deepens Wanda's international influence, further enhances our position in the global luxury, entertainment and tourism markets, and represents an important step forward for the overall development of our business.
'With the committed support of Wanda, Sunseeker is well-placed to take full advantage of opportunities in China, one of the world's fastest growing luxury yacht markets.
'We are confident that this will bring Sunseeker's business to the next level.'
He added: 'As a global brand in the luxury motor yacht sector with a rich history, Sunseeker is synonymous with quality and design leadership, and dedication to brand excellence.
'Wanda recognises the importance of Sunseeker's investment in innovation, the quality craftsmanship produced by its skilled workforce and its commitment to using the world's best components. We are committed to long-term investment in the Sunseeker business, its people and its iconic brand.'
Headquartered on the south coast of England, Sunseeker is one of the world's pre-eminent luxury motor yacht manufacturers and one of the few to have maintained consistent sales revenues in recent years
Wanda have pledged that under its ownership, Sunseeker will remain a British company, headquartered in Poole, Dorset, and will maintain its existing production bases in the UK along with its current workforce.
The existing management will remain on the Sunseeker Boards and Robert Braithwaite, the founder of the company, will continue to be involved in the management of the business.
Thrilled
Stewart McIntyre, managing director of Sunseeker International Ltd,said: 'We are thrilled to be joining the Wanda family. Support from Wanda will be instrumental in enabling Sunseeker to unlock the enormous potential of China's rapidly expanding luxury yacht market.
'Combined with Wanda's outstanding track record of entrepreneurship and history of commitment to supporting leading global brands, this investment will provide an excellent foundation for Sunseeker's next phase of growth.
'Wanda's history of managing global brands after acquisition makes clear that it will continue to invest in Sunseeker and support our management team as we take the company to the next stage of development.'
About Wanda Group:
The Dalian Wanda Group was founded in 1988 and operates in four major industries, including commercial properties, luxury hotels, culture & tourism, and department store chain.
The company has assets of 300 billion yuan ($48 billion) and an annual income of 141.7 billion yuan ($23 billion), and pays 20.2 billion yuan ($3.2 billion) in taxes every year. The company now operates 69 Wanda Plazas, 38 five-star hotels, 6,000 cinema screens, 57 department stores and 63 karaoke outlets across the country.
Pictures
(The Sunseeker China Limited edition model on display outside its Poole headquarters. Credit: Laura Kitching.
Wanda chairman Wang Jianlin and Stewart McIntyre, Managing Director of Sunseeker International Ltd. Credit: Dalian Wanda Group)
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