Wanda Sports Group CO. Ltd. (WSG) shares are surging over 74% in pre-market today, after the company announced a definitive stock purchase agreement with Advance, a private, family-owned business, to sell The IRONMAN Group in an all cash transaction at an enterprise value of US$730 million.
As part of the agreement, Wanda Sports Group said it would continue to operate IRONMAN and IRONMAN 70.3 triathlon series, Rock 'n' Roll Marathon Series and Epic Series off-road mountain bike series races of The IRONMAN Group in China under an exclusive license agreement.
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