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Hospitality company Haichang sells assets to MBK Partners for $1b

By Zhu Wenqian | chinadaily.com.cn | Updated: 2021-10-18 23:07
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Tourists visit Haichang Ocean Park in Shanghai, East China, Nov 16, 2018. [Photo/Xinhua]

Haichang Ocean Park Holdings Ltd announced on Monday that private equity firm MBK Partners has agreed to acquire Haichang assets for 6.53 billion yuan ($1.01 billion), as the hospitality company takes steps to cut its debt.

MBK Partners will acquire four existing ocean theme parks from Haichang, namely, in Wuhan, Hubei province; Chengdu, Sichuan province; Tianjin; and Qingdao, Shandong province, as well as one still under construction in Zhengzhou, Henan province.

Hong Kong-listed Haichang is a Chinese developer and operator of theme parks and ancillary commercial properties. The company said it is witnessing high debt and increasing losses since the outbreak of the COVID-19 pandemic.

North Asia-focused MBK Partners, founded in 2005, is one of the largest private equity funds in Asia with over $25.4 billion of capital under management.

The two parties have also signed a brand authorization agreement and a transition service agreement, which will see the five parks continue to operate under the Haichang brand. Subject to shareholder approval of the disposal later this year, the transaction is expected to close by the end of the year.

The two sides will cooperate in areas such as intellectual property development, marine mammal care, new construction and expansion of theme parks, and upgrading of existing ocean theme parks.

Currently, Haichang has 11 ocean-themed parks nationwide, and it receives over 20 million visitors annually. Haichang has been awarded multiple national awards for its tourist attractions. In 2002, Haichang opened the Dalian Laohutan Pole Aquarium, China's first marine park to showcase animals from the North and South Poles.

MBK Partners is expected to leverage its strong track record in owning and operating similar businesses such as the Universal Studios in Osaka, Japan, and to unlock synergistic business opportunities with other companies in its portfolio.

Besides, the transaction allows Haichang to pursue new growth opportunities in hotels and tourism sectors and broaden its business focus beyond theme parks, with the COVID-19 pandemic gradually brought under better control in China.

"This deal offers a win-win situation for both sides and a strategic alliance for both parties. Haichang will be able to further improve its financial and asset structures to pursue an "asset-light" strategy. Haichang has great confidence in this partnership because of MBK Partners' strong financial position and resources, as well as its successful investment experience in Universal Studios Japan," said Zhang Jianbin, executive president of Haichang Ocean Park.

"In this strategic cooperation, Haichang will take advantage of the whole industry chain operation capability and talent resources accumulated over the years to provide tourists with better cultural and leisure experience and high-quality services," Zhang said.

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