NEW YORK (BRAIN) — Advance, the owner of Condé Nast and other media properties, has entered a definitive stock purchase agreement with Wanda Sports Group Company Limited to buy The Ironman Group.
The Ironman Group assets include its flagship triathlons, the Rock 'n' Roll Marathon Series, and the Epic Series of mountain bike races, among other events.
Advance was formed by S.I. Newhouse in 1922. Its properties include Condé Nast, Advance Local, Stage Entertainment, American City Business Journals, Leaders Group, Turnitin, 1010data, and POP. Advance, which is privately held, is also among the largest shareholders in Charter Communications, Discovery and Reddit.
Wanda Sports Group will continue to operate the Ironman and Ironman 70.3® triathlon series, Rock 'n' Roll Marathon Series and Epic Series in China under an exclusive license agreement.
The $730 million purchase is all cash, with Orkila Capital co-investing in The Ironman Group.
"Today is an important milestone for The Ironman Group. We are pleased with this partnership, which is a testament to Advance's belief in the company," said Andrew Messick, CEO of The Ironman Group. "We remain confident in our future; our focus and objectives are unchanged; and we are ready to face the opportunities and challenges ahead. Together with Advance and Orkila, we will navigate through the turbulent and uncertain period in front of us and continue to deliver the exceptional experiences for which we're known," Messick continued, "We thank Wanda Sports Group for its support over the past four years and are proud of what we have accomplished together. We look forward to continuing our work in China with Wanda Sports Group in the coming years."
The closing is expected in the second quarter of 2020.
