Date:24/03/2005 URL: http://www.thehindubusinessline.com/2005/03/24/stories/2005032400780900.htm

Back Dubai Holding arm to buy Tussauds Group

Vimala Vasan

Abu Dhabi , March 23

DUBAI International Capital, a subsidiary of Dubai Holding, has agreed to acquire The Tussauds Group, the largest operator of visitor attractions in Europe, which is currently controlled by funds advised by Charterhouse Capital Partners LLP.

The transaction values Tussauds at Dh 5 billion (around Rs 6,600 crore)

A statement from Dubai Holding said on Wednesday that since its acquisition by Charterhouse in 1998, Tussauds has expanded substantially, opening new city centre attractions in New York, Las Vegas and Hong Kong and acquiring Heide Park, a leading theme park in Northern Germany, and opening Splash Landings, Europe's first indoor water park hotel, based at Alton Towers. Tussauds is Europe's leading visitor attraction business, entertaining over 14 million guests per year.

The Group operates city centre attractions comprising the number one attraction in Europe, the Madame Tussauds' in London, New York, Las Vegas, Amsterdam and Hong Kong as well as Warwick Castle. It also operates theme parks at Alton Towers, Chessington World of Adventures, Thorpe Park and Heide Park in Germany.

Tussauds' executive management team led by Mr Peter Phillipson, Chief Executive, will remain as shareholders and will continue to lead and manage the Tussauds business.

Mr Eric Nicoli will remain as non-executive Chairman. Dubai International Capital is being advised by HSBC Bank Plc. Charterhouse is being advised by Lazard & Co Ltd. Closing of the transaction is subject, inter alia, to regulatory approval.

Mr Mohammed Al Gergawi, Chief Executive of Dubai Holding, said: "This transaction demonstrates our determination to become a serious investor in the private equity market and draws on our existing management skills in the global leisure sector."

Mr Sameer Al Ansari, Chief Executive Officer of Dubai International Capital, said: "We are delighted to be announcing our first major private equity investment and very excited by the prospect of working with the Tussauds management team with whom we have built a close relationship."

Mr Peter Phillipson, Chief Executive of Tussauds, said: "Tussauds has been transformed over the past four years to become Europe's number one visitor attraction business. We now look forward to working closely with Dubai International Capital to accelerate our growth plans, explore new opportunities and create even more exciting experiences for our 14 million guests."