Ardent Leisure Group Limited (ASX:ALG) announced that RedBird Capital Partners, a US based private investment firm shall invest US$80 million to acquire 24.2% interest in Main Event Entertainment through a preferred equity investment into ALG’s 100% owned U.S.-based subsidiary for its Main Event business.
RedBird has the choice to acquire a further 26.8% interest at a future date, the valuation for which would be based on LTM Normalised Pro Forma EBITDA at the time of exercising the option, depending on a minimum equity floor price.
With this transaction, ALG would be securing a partnership with top U.S. private investment firm that would improve Main Event’s liquidity and capacity to invest in future growth and shall bring additional expertise and opportunities to Main Event.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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