China’s Dalian Wanda set to buy British luxury yacht maker Sunseeker for $470 mn
07 Jun 2013
Britain's largest luxury yacht maker Sunseeker, whose yachts have appeared in several James Bond movies, is set to be acquired by Chinese property group Dalian Wanda for $470 million (£300 million).
The deal comes a year after China's construction and agriculture machinery maker Shandong Heavy Industry Group acquired a controlling stake in debt-laden Italian luxury yachtmaker Ferretti SpA in a deal worth about $500 million.
The Financial Times quoted Wang Jianlin, chairman and founder of Dalian Wanda and owner of Sunseeker's Predator 108 Special Edition model, as saying that he had acquired the best yacht company in the UK.
A Sunseeker spokesperson said the potential new majority shareholder has no current interest in the luxury motor yacht sector, but will support Sunseeker's commitment to superior products and its premium brand, and will allow it to expand.
Founded in 1968 by Robert Braithwaite, Dorset-based Sunseeker, which started as an importer and distributor of boats from Scandinavia and the US, today makes luxury yachts at its seven production plants and has an annual turnover of nearly £290 million.
Its clients include Sheikhs from the Middle East, film stars, sports icons, industrialist and Russian oligarchs.
Many a Sunseeker yacht has appeared in James Bond movies, including The World Is Not Enough, Die Another Day, Quantum of Solace and Casino Royale.
With a net worth of $8.6 billion, Wang Jianlin is the world's 128th richest man, according to Forbes.
In 2012, Dalian Wanda acquired AMC Entertainment Holdings for $2.6 billion, making it the world's largest operator of movie theatres.
The company owns 9.03 million square metres of investment property, 49 Wanda Plazas, 26 luxury hotels, 86 cinemas, 40 department stores and 45 karaoke centres across China.
