Wanda Hotel Development enters agreement to buy Wanda Travel for $950m

Wanda Hotel Development Co., the Hong Kong–listed arm of Dalian Wanda Group, announced acquisitions of Wanda Culture Travel Innovation Group and Wanda Hotel Management Co. in a major restructuring.

Wanda Hotel Development will acquire Wanda Travel for RMB6.3 billion ($950 million), paid either in cash, the issue of shares and/or convertible bonds, with share prices determined by the company’s closing price on Aug. 8 at HK$1.16 ($0.15) per share. Wanda Hotel Development will acquire Wanda Hotel Management for a cash price of RMB750 million ($113 million).

Wanda Hotel Development will also dispose of its interests in four overseas property projects to Dalian Wanda Commercial. After the above transactions, Wanda Hotel Development will become a strategic platform as Wanda Group’s Hong Kong–listed company focusing on theme park and hotel operation and management.

Click here for the company’s statement.