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Investindustrial continues Spain push with PortAventura deal

5 Nov 2012

Italian private equity firm Investindustrial has reportedly agreed to take full control of PortAventura, Europe’s third-largest theme park, three years after acquiring an initial 50 per cent stake in the Spanish business.

The firm will buy the remaining 50 per cent stake from the industrial holding arm of Spanish lender La Caixa for about €120m, Investindustrial president Andrea Bonomi told the Financial Times, giving the company an enterprise value of €439m.

Barcelona-based PortAventura houses 39 attractions, a water park, four hotels and a convention centre with capacity for 4,000 people, the report said, posting EBITDA of €59m last year.

Reports in February confirmed Investindustrial has raised more than half of the €1.25bn target for its latest fund less than two months after launching the vehicle.

Last month the firm also partnered with Trilantic Capital Partners to buy a 48 per cent stake in Spanish telecommunications company Euskaltel.

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