Chinese firm finalizes deal to buy Sunseeker
Dalian Wanda Group
June 20, 2013
Filed under News
In a deal rumored for weeks, Chinese conglomerate Dalian Wanda Group announced Wednesday that the firm is buying British yacht maker Sunseeker.
Under the deal, the company will acquire a 91.8 percent stake in Sunseeker for £320 million or about $500 million U.S. Sunseeker’s management will purchase the remaining 8.2 percent of the company, which is currently owned by an Irish private equity company.
Dalian Wanda Group said it intends to keep its current workforce based in the U.K.
“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 Chairman Wang Jianlin said in a statement. “Wanda recognizes 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.”