Wanda Sports Group Company Limited (WSG) closed the sale of Ironman Group to Advance Publications Inc., the seller said Monday, July 20.
The deal valued Ironman, which operates triathlon, running, trail running, cycling and mountain biking events, at $730 million. Orkila Capital co-invested in Ironman with Advance.
Advance is the parent of the Condé Nast publishing chain, which owns glossy magazine titles such as Vogue, The New Yorker, GQ, Vanity Fair, among other media, entertainment and technology businesses. The companies announced the deal in March.
Wanda Sports Group is the publicly traded sports subsidiary of Beijing real estate conglomerate Dalian Wanda Group Co. Ltd.
The seller said it is receiving about $380 million in net proceeds, and is using $240 million of the sum to repay a debt facility and putting $50 million towards a promissory note.
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