Chinese Developer Dalian Wanda To Pay $1.2B For Swiss Agency Infront Media

Chinese property developer Dalian Wanda will pay more than €1B ($1.2B) for Infront Media, according to Cotterill, Massoudi & Blitz of the FINANCIAL TIMES. People familiar with the matter said that Wanda won an auction for the company, owned by private equity group Bridgepoint since '11, "in a deal that is expected to be announced later this week." The deal is the latest stage of Dalian-based Wanda's move "beyond commercial real estate into leisure and entertainment, including sports," and comes on the heels of the company acquiring 20% of La Liga club Atlético Madrid. Taking over Infront, "whose subsidiary HBS has been host broadcaster" for the FIFA World Cup since '02 will give Wanda "access to media rights for events from football matches in Italy’s Serie A league to Ironman endurance races and the Berlin marathon." Wanda could also "be drawn to Infront’s presence in the Chinese sports rights market." Infront secured a six-year contract for China's professional basketball league last year (FINANCIAL TIMES, 2/10).