Luxembourg-based CVC Capital Partners has acquired a 28 per cent share in UK-based visitor attractions operator Merlin Entertainments.
The stake was sold by Merlin's largest shareholder, private equity giant Blackstone Group, which had originally hoped to float the business.
As markets remain volatile, however, Blackstone agreed to offload its share in Merlin, five years after it acquired the company from Hermes Private Equity in a deal worth £102.5m ($187.2m).
Since then, Blackstone added the Legoland and Tussauds chains of attractions to the Merlin portfolio, making Merlin the second largest visitor attractions operator in the world, second only to Walt Disney Parks and Resorts.
Under the transaction, which values Merlin at £2.25bn, Blackstone has reduced its stake, but will continue to hold a significant interest in the company.
KIRKBI, the privately-held, family-owned Danish investment and holding company that controls the LEGO Group, has kept its shareholding unchanged.
Meanwhile, Merlin's fourth major shareholder, Dubai International Capital, has disposed of its remaining stake in line with its strategy of moving out of non-core holdings.
Merlin's ownership structure now consists of KIRKBI (36 per cent), Blackstone (34 per cent) and CVC (28 per cent).
The remaining shares (2 per cent) will be held by the management of Merlin, with the owners setting aside a further significant stake for a staff incentive plan.
Joseph Baratta, senior managing director of Blackstone, said: "Merlin has delivered great returns for Blackstone investors. We are very proud of our involvement with the company and the substantial investment it has made in local communities around the world.
"This deal with CVC will allow us to realise part of our investment, while remaining a committed part of the ownership team of a business which we believe will continue to deliver great growth."
Nick Varney, chief executive of Merlin, added: "Having thoroughly reviewed all the options for the next phase of ownership of Merlin, we believe this transaction represents the best way forward.
"We are very excited about this next stage in our story and look forward to working with CVC, alongside our continuing investors."
