Australia's Ardent Leisure sells U.S. entertainment business for $835 mln (updated)

Coast Entertainment Holdings

06/04/2022 08:23

(Adds details)
    April 6 (Reuters) - Ardent Leisure Group  ALG.AX  said https://bit.ly/3r7Qmi9
 on Wednesday it would sell its Main Event entertainment
business in the United States to restaurant and arcade chain
operator Dave & Buster's Entertainment  PLAY.O  for $835 million
to fund a recovery in its theme parks business.
    The Dreamworld owner will receive $487 million in cash in
return for its 72.6% stake in the entertainment business, which
it will use to pare outstanding debt and pay certain legal
charges.
    The deal follows a strategic review by the company and
co-owner Red Bird Capital Partners, and is unanimously
recommended by Ardent's board. 

 (Reporting by Savyata Mishra in Bengaluru; Editing by
Subhranshu Sahu)
 ((Savyata.Mishra@thomsonreuters.com;))