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Blackstone eyeing $600m IPO for SeaWorld Parks and Entertainment

17 Dec 2012

Global private equity heavyweight Blackstone is reportedly close to filing an IPO for SeaWorld Parks and Entertainment that could raise up to $600m.

The Orlando-based business has chosen Goldman Sachs and JP Morgan to lead the offering, according to Bloomberg, which cited three unnamed sources familiar with the situation.

The offering could come in early 2013, the report said.

Blackstone bought SeaWorld from Anheuser-Busch InBev in a $2.7bn deal three years ago, when it was known as Anheuser-Busch Entertainment Corporation.

That investment was made from Blackstone Capital Partners V, the firm’s $21.7bn buyout fund raised in 2006.

BCP V had a net IRR of 1.57 per cent and cash multiple of 1.1-times at the end of June, according to date from investors the Washington State Investment Board.

SeaWorld has 10 amusement parks with more than 67,000 animals, including famous complexes in San Diego, Orlando and San Antonio.

Blackstone paid itself a dividend earlier this year by pushing an extra $500m of debt onto the company, Bloomberg added, citing data from Moody’s.

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