Blackstone Exits SeaWorld Stake with Sale to Zhonghong

The One Ocean killer whale show at SeaWorld parks; the company said in 2016 that it would stop breeding killer whales in captivity.

ORLANDO, FL and BEIJING—The Blackstone Group is selling its remaining 21% equity interest in SeaWorld Entertainment Inc., the theme-park operator it acquired in 2009, to China’s Zhonghong Zhuoye Group. At $23 per share, or approximately $429 million, the sale represents a premium of nearly 33% over Thursday’s closing price on SeaWorld shares.

SeaWorld and Zhonghong Group have also reached a series of advisory services and support agreements. Under terms of the deal, SeaWorld will advise Zhonghong exclusively on the concept development and design of theme parks, water parks and family entertainment centers which Zhonghong Holding, an affiliate of Zhonghong Group, will develop and operate in China, Taiwan, Hong Kong and Macau.