Saudis mull leisure park purchase

Saudis mull leisure park purchase

Saudi Arabia’s Public Investment Fund, which is being transformed into a $2 trillion investment giant, is considering buying a stake in U.S. theme park operator Six Flags Entertainment Corp., Bloomberg reports.

The PIF is holding early deliberations about the potential investment after the kingdom started negotiations to let the Texas-based company open its first attractions in the country, said the people, who asked not to be identified as the talks are private. An agreement hasn’t been reached and the informal discussions may not result in a deal, people familiar with the matter said.

Shares of Six Flags climbed 1.7 percent to $60.84 as of 1:53 p.m. on Wednesday in New York, giving the company a market value of about $5.6 billion. The stock climbed 24 percent in the 12 months through Tuesday.

Six Flags has $1.3 billion in revenue and 18 parks across the U.S., Mexico and Canada, according to its website. It’s looking at potential park locations in Saudi Arabia including Riyadh, Jeddah and Red Sea resort, Chairman James Reid-Anderson said in November. The plans follow a meeting between Deputy Crown Prince Mohammad Bin Salman and company President John Duffey in the U.S. last June.  READ MORE: https://www.bloomberg.com/news/articles/2017-02-08/saudi-wealth-fund-pif-said-to-consider-taking-stake-in-six-flags

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