The family behind the Lego empire today snapped up a glittering collection of the capital’s top tourist attractions in a £6 billion takeover deal.
Bosses at Merlin Entertainments — the company that runs The London Eye, Madame Tussauds and the Sealife Aquarium, as well as theme parks such as Chessington World of Adventures and Thorpe Park — said they had agreed to an offer from a consortium led by the head of the Danish toy dynasty.
The 455p-a-share bid values the world’s second biggest operator of visitor destinations after Disney at almost £4.8 billion — but also involves taking on around £1.2 billion of debt. It is one of the biggest takeovers seen in the City this year.
Kirkbi, the private investment company of Kirk Kristiansen, the billionaire inheritor of the Lego fortune, owns 50 per cent of the bidding company with US investors Blackstone and Canada Pension Plan Investment Board making up the other half.
In a statement the consortium said it “expects to keep all existing Merlin attractions in the UK open”. It made an initial 425p a share bid in May but this was rejected as too low by the Merlin board.
Merlin, which was founded in 1999 has more than 130 attractions, as well as 20 hotel and six holiday villages in 25 countries.
The 443ft-high London Eye observation wheel next to the Thames is the most popular paid tourist attraction in Britain with more than 3.75 million visitors annually. The Madame Tussauds waxworks museum in Baker Street is one of London’s oldest tourist draws having originally opened in 1835.
Celebrities currently on display include Donald Trump, David and Victoria Beckham and Kim Kardashian.
Other destinations in Merlin’s portfolio include Alton Towers, Warwick Castle and the London Dungeon.
It also has the global licence for all Legoland theme parks including those at Windsor and the original one at Billund in Denmark next to the Lego factory. Kirkbi already holds a 29.6 per cent shareholding in Merlin, which it bought in 2005.
Kirkbi’s chief executive Soren Thorup Sorensen said: ”We believe that the group of investors has the unique collective resources necessary to equip Merlin, including the Legoland Parks and Legoland Discovery Centres, for their next phase of growth.
“We are committed to ensuring Legoland and the other activities in Merlin reach their full potential, which we believe is best pursued under private ownership, in order to deliver fantastic experiences to visitors of all ages around the world.”
