Wanda Group Completes Acquisition Of Infront Sports & Media AG

China's largest investor in the cultural and entertainment sector, Dalian Wanda Group Co., announced that it closed the acquisition of the majority shareholding in Infront Sports & Media. The transaction was completed with all customary conditions being fulfilled. The shares have been acquired from European private equity firm Bridgepoint and are valued at approximately $1.2B. Wanda representatives will join Infront's board of directors. Wanda Cultural Industry Group President Lincoln Zhang will take over as chairman. Wanda Group Int'l Investments & Business Developments VP & CEO Jack Q. Gao will act as vice chairman. Dalian Wanda Group was founded in '88 and operates in four business segments: commercial properties, culture & tourism, e-commerce and department stores. In '14, the company's assets totaled $86.8B and its annual income reached $39.4B (Infront).