Lego’s founding family and Blackstone take Madame Tussauds owner Merlin private in $7.5 billion deal
The world’s second-largest operator of visitor attractions after Disney said on Friday the deal would give it greater scope for “significant, long-term investment” as the Danish interlocking plastic-brick maker expands in China.
Lego, known around the world for its colorful plastic bricks, plans to more than double the number of shops in China this year to 140 in its most rapid expansion in any market. During 8 years of joint control of the company, Merlin more than tripled its number of attractions to 99 and multiplied its annual visitor numbers ninefold to 54 million, helped by large acquisitions including the Tussauds Group.
Merlin shares, which closed at 395 pence on Thursday, rose 14% on news of the recommended deal, which values them at 455 pence each, giving the company an enterprise value, including debt, of 5.91 billion pounds . Activist investor ValueAct Capital last month called on Merlin to take itself private given the level of investment needed in the company.
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