Disney ups Euro Disney stake, pledging €1.5bn cash injection
by Tom Anstey | 10 Feb 2017
Disney has significantly upped its stake in Euro Disney in recent years / Gonzalo Fuentes/Reuters
Disney is planning to buy an additional 9 per cent stake in Euro Disney, increasing total ownership in Disneyland Paris to 85.7 per cent.
The purchase represents 90 per cent of Saudi Prince Alwaleed Bin Talal's Kingdom Holding’s shares, which Disney will purchase for €2 (US$2.12, £1.70) per share paid in shares of common stock. Disney representatives also said the company plans to make a cash tender offer for all remaining outstanding shares of Euro Disney at the same price.
Subsequent to the completion of the tender offer, Disney has also said it is committed to support a recapitalisation of up to €1.5bn (US$1.6bn, £1.3bn) for the Euro Disney group of companies to address its financial needs.
Despite being Europe’s most visited attraction, Euro Disney has struggled financially for several years, with the company carrying out a €1bn (US$1.06bn, £852m) restructuring of its debt in 2014.
Disney issued a rights issue open to all investors in 2015, with its third-largest stakeholder Invesco selling its 6 per cent stake in the business. At the time Disney owned 39.8 per cent of the park’s shares. Prior to the purchase of Kingdom Holding’s shares, the operator owned 76.7 per cent of Euro Disney.
Former Euro Disney president Tom Wolber, blamed a “continued economic softness, notably in France” on poor figures. The company and wider France are now additionally struggling off the back of a string of terror attacks, most notably the November 2015 Paris attacks, which have created “challenging business conditions in France and throughout Europe,” according to Disney.
Euro Disney Disneyland Paris theme park Disney Kingdom Holdings Prince Alwaleed Bin Talal Invesco Tom Wolber Bob Iger13 Apr 2016
Catherine Powell named new Euro Disney president
17 Feb 2015
Invesco sells stake in struggling Euro Disney
12 Dec 2014
French Prime Minister breaks ground on Euro Disney's 'organic city' resort
07 Nov 2014
Struggling Euro Disney reports €114m net loss for 2014
06 Oct 2014
Walt Disney secures future of Euro Disney with €1bn refinancing
FEATURE: Interview – Dominique Cocquet
Disney is planning to buy an additional 9 per cent stake in Euro Disney, increasing total ownership in Disneyland Paris to 85.7 per cent. The purchase represents 90 per cent of Saudi Prince Alwaleed Bin Talal's Kingdom Holding’s shares, which Disney will purchase for €2 (US$2.12, £1.70) per share paid in shares of common stock. Disney representatives also said the company plans to make a cash tender offer for all
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