Chinese property developer Dalian Wanda has won an auction for Infront Media, the Swiss group led by the nephew of Fifa president Sepp Blatter that distributes broadcasting rights for some of the biggest sporting events.
Wanda will pay more than €1bn for the company, owned by buyout group Bridgepoint since 2011, in a deal expected to be announced this week, people familiar with the matter said. It took pole position in the auction in December. Philippe Blatterwill remain as Infront president and chief executive.
The deal marks the latest stage of Shanghai-based Wanda’s expansion beyond commercial real estate into leisure and entertainment, including sport and comes just weeks after it acquired a 20 per cent stake in Spain’s Atletico Madrid. The company already owns US cinema chain AMC Theatres and British luxury yachtmaker Sunseeker.