Blackstone backs Ashurst on £1bn Tussauds deal

Ashurst has bagged a lead role advising on the £1bn acquisition of the Tussauds Group by private equity giant Blackstone. The City giant is advising Blackstone and its leisure parks business, Merlin Entertainments, on its £1.03bn purchase of the Tussauds Group from Dubai International Capital (DIC) Corporate partner Charlie Geffen is leading the Ashurst team, alongside associates Mark Sperotto, Gavin Gordon and David Arnold.

March 05, 2007 at 11:13 AM

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Ashurst has bagged a lead role advising on the £1bn acquisition of the Tussauds Group by private equity giant Blackstone.

The City giant is advising Blackstone and its leisure parks business, Merlin Entertainments, on its £1.03bn purchase of the Tussauds Group from Dubai International Capital (DIC) Corporate partner Charlie Geffen is leading the Ashurst team, alongside associates Mark Sperotto, Gavin Gordon and David Arnold.

The firm landed the work after advising Blackstone on its purchase of Merlin, which operates the Sea Life brand – in 2005.

Freshfields Bruckhaus Deringer is acting for regular client DIC, which will retain a 20% stake in the combined company. Corporate partner David Higgins is leading the team for the magic circle firm.

DIC – the private equity arm of the Dubai Government – acquired the Tussauds Group in 2005 in a deal worth around £800m, when it was advised by Linklaters.

The group has since turned to Freshfields for deals including the £675m acquisition of Travelodge and its £450m offer for Liverpool Football Club – a deal which collapsed earlier this year.

Allen & Overy banking partner Andrew Trahair acted for the lenders to Merlin.

The deal creates the world's second-largest theme parks business, with operations in a dozen countries, and brings together brands including Madame Tussauds, Alton Towers and LegoLand.