Wanda Sports Group Completes the Sale of The IRONMAN Group to Advance and Announces Board of Directors Changes
Wanda Sports Group Company Limited (WSG)
Last wanda sports group company limited earnings: 11/18 12:55 am
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Source: PR Newswire
BEIJING, July 20, 2020 /PRNewswire/ -- Wanda Sports Group Company Limited (the "Company" or "Wanda Sports Group") (NASDAQ: WSG) today announced that the Company has completed the previously announced sale of The IRONMAN Group to Advance, a private, family-owned business that invests in a broad range of media and technology companies, reflecting an enterprise value of US$730 million (before closing adjustments). It also announced changes in its Board of Directors. As a result of the sale, net proceeds are expected to be in the range of US$380 million (which reflects deductions for existing indebtedness and transaction expenses, as well as the Company's expectations as to the ultimate outcome of an ongoing post-closing purchase price adjustment process). The Company used a portion of the net proceeds to repay the principal amount of US$240 million and related interest and fees outstanding under its existing 364-day facility, and intends to imminently use a portion of the net proceeds
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