Firm: Clarendon Lawyers (World Triathlon Corporation)
Deal: Clarendon Lawyers has advised the World Triathlon Corporation on its acquisition of a number of athletic events.
Value: $31 million
Area: Sports and recreation, Media, M&A
Key players: Clarendon’s team was led by managing partner Tony Symons and senior associate Brendan Sheehan, with lawyer Zhong Wu.
Deal significance: World Triathlon Corporation has acquired the Sun-Herald City2Surf, The Sydney Morning Herald Half Marathon, Carman’s Women’s Fun Run, the Melbourne Corporate Triathlon and Spring Cycle under its USM Events Pty Ltd subsidiary.
USM Events is a wholly owned and Australian subsidiary of World Triathlon Corporation, with the acquisition following a highly competitive sale process, according to Clarendon Lawyers, with the purchase’s completion expected in coming weeks.
World Triathlon Corporation was acquired by Chinese conglomerate Dalian Wanda Group in 2015.
A Clarendon Lawyers statement said Dalian Wanda Group operates a global portfolio of events, including the IRONMAN® Triathlon Series, the IRONMAN® 70.3® Triathlon Series, 5150™ Triathlon Series, Iron Girl®, IRONKIDS®, six of nine International Triathlon Union World Triathlon Series races, road cycling events including the UCI Velothon Majors Series, mountain bike races, premier marathons and other multisport races.
In congratulating USM Events and World Triathlon Corporation, Clarendon’s Tony Symons said the team was “delighted to have been able to assist USM Events and WTC, longstanding clients of the firm, on the successful purchase of the City2Surf event and other marquee events formerly operated by Fairfax”.
“WTC has a reputation for delivering world-class events in all corners of the globe and this transaction is a game-changer for them and the sports events industry in Australia,” he continued.