Chinese commercial property and entertainment conglomerate Dalian Wanda Group completed the purchase of Sunseeker International Ltd. for 320 million pounds, or about $496 million.
Wanda now holds a 91.81 percent majority stake in the British yacht manufacturer. The remaining 8.19 percent is held by Sunseeker management.
“We are excited to embark on the next chapter in the development of Sunseeker’s business and look forward to building upon the company’s reputation of excellence,” Wanda chairman Wang Jianlin said in a statement. “Wanda is well-positioned to help Sunseeker capitalize on the trend we see for China and other growth markets to contribute significantly to global expansion in the luxury yacht sector over the next few years.”
Wanda announced its plan to buy Sunseeker in June. Under Wanda ownership, Sunseeker will remain a British company, based in Poole, Dorset, and will maintain its existing production bases in the U.K., along with its current work force. Wanda said the existing management will remain on the Sunseeker boards and company founder Robert Braithwaite will continue to be involved in the management of the business, providing continuity for the new model program being developed in Poole.
The purchase follows Wanda’s $2.6 billion acquisition of U.S.-based AMC Entertainment Holdings in 2012.