Wang Jianlin's Dalian Wanda Conglomerate Reportedly Bids $1B For Infront Sports & Media

The Dalian Wanda conglomerate of Chinese billionaire Wang Jianlin has bid around $1B for Infront Sports & Media, according to the BUSINESS TIMES. Wang, who recently "hit the headlines" when he bought a 20% stake in Atlético Madrid, has "confirmed his interest in sports business" by bidding some $1.09B for Infront, public Swiss broadcaster RTS reported, quoting "sources close to the deal." The Swiss company refused to comment on "market rumours" (BUSINESS TIMES, 2/4). REUTERS' Miller & Barbaglia reported one of the sources said that the deal will be announced on Tuesday. A second source said that Dalian Wanda, whose bid beat interest from U.S. sports marketing firms and media-focused buyout group Providence, values Infront at "well above" $1B. London-based private equity group Bridgepoint bought Infront for about €550M including debt in '11 and the business had estimated revenues of about €600M in '13. Dalian Wanda and Bridgepoint declined to comment (REUTERS, 2/3).