PRLog (Press Release) -
Apr 15, 2009 -
According to reports by sources close to “EuropeVentures”
, a US consortium led by Goldman Sachs is set to buy a Japanese theme park. The theme park is operated by USJ Co ltd, which runs the Universal Studios in Osaka.
The theme park features ride based on many America movies such as Spiderman and Jurassic Park has been struggling to make ends meet since 2007. “EuropeVentures”
noticed that their plight has worsened since the credit-crunch of 2008 prompting them to look for a buyer.
It is thought by “EuropeVentures”
analysts that the consortium led by Goldman Sachs will upgrade the theme park adding more up to date attractions. Goldman will control around 40 percent of USJ via its fund, other equity firms Owl Creek Asset Management and MBK Partners will take the rest.
To buyout USJ shares Goldman is offering more than 50,000 yen for each share for a total of $1.2 billion in total. USJ are in agreement with the share value and accepted the deal.
“EuropeVentures”
reports have revealed that there has been a steady decline in attendance of the theme park of about 6 percent in the last 10 months, couple this with the ageing population the rides are now dated. The strategy to update the theme park to suit the younger emerging generation should see that the future of the theme park is secure.
This deal if it goes through will be the biggest buyout deal in Japan for over a year and one of the biggest ventures for Goldman Sachs since the credit-crunch.
