SeaWorld Entertainment Inc. is heading toward open water.
The operator of SeaWorld, Busch Gardens and other theme parks has filed initial paperwork to become publicly traded, three years after a $2.3 billion buyout by private-equity shop Blackstone Group LP.
The deal is expected to raise between $500 million and $700 million, a person familiar with the deal said.
Since Blackstone purchased the company from beer maker Anheuser-Busch InBev NV in late 2009, SeaWorld has recovered from losses. In the first month Blackstone owned the business, SeaWorld Parks & Entertainment Inc., as the company currently is known, lost $57 million. But in the first nine months of this year, the company earned $86.2 million, up 73% from a year earlier, according to the filing.
Source: Wall Street Journal. Read full article. (link)