£320m for almost 92% shares of Sunseeker International

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)