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Dalian Wanda Group Buys Ironman Triathlon races for $650 Million

Dalian Wanda Group, announced on Thursday it has acquired the organizer of Ironman Triathlon races for $650 million, as part of a diversification push that may involve another sports purchase by the end of the year.

Providence Equity Partners LLC sold World Triathlon Corp to Wang for $900 million including debt. The deal is Wanda’s latest sporting purchase after Infront Sports & Media and a stake in Spanish soccer club Atletico Madrid.

Dalian Wanda Commercial Properties Co, Wanda’s parent company, expected revenue of $100 billion by 2020 from $40 billion in 2014. The Ironman will raise $183 million this year, following four years’ compound growth of 21%.

Wang said, “Wanda’s next task is to widely market this global extreme, endurance sport in China.”