Wanda Sports Group to sell Ironman Group to NY-based Advance in cash deal valued at $730 mln

Wanda Sports Group Co. Ltd.'s U.S.-listed shares soared 61% in premarket trade Thursday, after the beijing, China-based company said it has reached an agreement with New York-based, family-owned Advance to sell it the Ironman Group in an all-cash deal with an enterprise value of $730 million. Ironman is a portfolio of global sporting events, including triathlon, cycling and trail running, among others. As part of the agreement, Wanda Sports Group will continue to operate the Ironman and triathlon series, Rock 'n' Roll Marathon Series and Epic Series off-road mountain bike series races of The Ironman Group in China under an exclusive license agreement, Wanda said in a statement. The deal is expected to close in the second quarter. wanda will use the proceeds to repay debt and the balance will be earmarked for share buybacks or dividend payments, subject to shareholder approval. Wanda shares are down 19% in the year to date through Wednesday, while the S&P 500 has fallen 23%.

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