(Bloomberg) -- An entity affiliated with Dalian Wanda Group Co. is selling a yachtmaker whose boats were featured in James Bond movies to Lionheart Capital and Orienta Capital Partners for about £160 million ($206 million), roughly half of what the Chinese conglomerate paid more than a decade ago, according to people familiar with the matter.
The transaction involving yachtmaker Sunseeker International Ltd. has obtained regulatory approvals, said the people, who asked not to be identified as the information is private. The sale was announced Thursday in a statement that didn’t disclose the terms.
Representatives for Lionheart, Orienta and Wanda didn’t respond to requests for comment. A spokesperson for Sunseeker declined to comment.
The Chinese conglomerate and Miami-based Lionheart earlier signed a so-called sale and purchase agreement for Sunseeker, Bloomberg News reported in April.
Wanda acquired a 92% stake in Sunseeker in mid-2013 for “an estimated ₤320 million,” or $493 million at the time. Wanda Chairman Wang Jianling said then that the investment was driven by growth in China’s consumption of high-end luxury products that was “exponential.” However, the conglomerate has been under pressure in recent years after borrowing costs surged and Beijing cracked down on the property sector.
Sunseeker, led by CEO Andrea Frabetti, was founded in 1969 in Poole on England’s south coast by brothers John and Robert Braithwaite. Its models include Superyacht, Ocean, Predator and Manhattan, and the company’s boats were featured in the James Bond films Casino Royale, Quantum of Solace and Die Another Day. The firm generated $350 million in revenue last year.
(Updates with Orienta response in third paragraph.)
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