The investment firm Blackstone Group has sold its 21 percent stake in SeaWorld to the Chinese company Zhonghong Group.
The stock will be purchased at $23 a share and Zhonghong executives will join SeaWorld’s board. The deal restricts Zhonghong’s ability to sell shares for the next two years. Zhonghong has experience in the theme park business, as they’re developing a park called Monkey Kingdom outside of Beijing.
Following the deal, Blackstone will no longer hold any interest in SeaWorld or have seats on the board.
SeaWorld’s shares debuted at $27 each when they debuted four years ago.
Source: Orlando Sentinel