Theme park chain SeaWorld Entertainment said that it is repurchasing $150 million worth of shares from an affiliate of Pacific Alliance Group. Whats more, SeaWorld’s long standing investor Hill Path Capital is increasing its stake in the company to 34.5%. The news led to the company’s shares climbing nearly +6.4% in premarket trading on Tuesday.
SeaWorld will buy back about 5.6 million shares from the Pacific Alliance Group affiliate. Additionally, Hill Path Capital LP will acquire 13.2 million shares of SeaWorld from a separate affiliate of Pacific Alliance Group, thereby bulking up its ownership in the company.
Up to three Hill Path director nominees would be appointed to the board of SeaWorld, as indicated by the latter.