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PE-backed vehicle completes voluntary tender offer for Parques Reunidos

Piolin Bidco SAU, a company formed by EQT Partners AB's EQT Infrastructure IV, Corporación Financiera Alba SA unit Alba Europe Sarl and Miles Capital, completed a voluntary tender offer for Parques Reunidos Servicios Centrales SA.

The vehicle now owns 86.4% of the Madrid-headquartered leisure park operator. This comprises the 26.62% of shares owned by shareholders that accepted the tender offer, the 15.58% stake it acquired outside of the offer, and the 44.21% of shares held by Alba and Miles Capital, through its parent Groupe Bruxelles Lambert SA, which were rolled into Piolin BidCo immediately before the offer settlement.

Piolin BidCo offered to acquire the shares in April at 14 per share in cash, a price subsequently adjusted to 13.753 following a dividend distribution by the company. The offer was authorized July 24 and the acceptance period ended Sept. 6. Settlement is expected to occur around Sept. 17.

Once the offer is settled, Piolin BidCo will initiate the delisting process of the company, which is expected to be approved by shareholders at a general meeting at the end of October.

Parques Reunidos is the second-largest operator of recreational infrastructure in Europe and 10th largest globally. It has over 20 million visitors across 45 regional parks in 12 countries across Europe, North America and Australia each year.