The Blackstone Group LP is no longer the primary shareholder in SeaWorld Entertainment Inc.
Stockholders affiliated with Blackstone took SeaWorld to a second offering Dec. 12 and closed the sale in five days. Blackstone went down from 63 percent ownership to about 43 percent ownership in SeaWorld, according to documents filed with the U.S. Securities and Exchange Commission.
Through the offering, 19.5 million shares were transferred. Blackstone stockholders sold 18 million shares at $30 each, taking in about $540 million before underwriting expenses and fees. Additionally, SeaWorld purchased 1.5 million shares of the stock through a separate deal.
In November, documents were filed with the SEC outlining Blackstone’s plan to give up its majority stake by selling 15 million shares at no more than $31.53 per share; that sale would have yielded more than $477 million. Additionally, Blackstone planned to offer 2.25 million shares to the underwriters. The actual number of shares for sale was upped before the stock was taken to a second offering.
Blackstone still has the ability to elect members of SeaWorld’s Board of Directors and can continue to influence the company’s policies and operations, but SeaWorld is no longer a controlled company, which means it has one year to appoint independent directors to its board.
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