DREAMWORLD’S parent company Ardent Leisure has announced it has agreed to sell its Bowling & Entertainment division to the new owners of Timezone for $160 million.
Ardent announced the sale to The Entertainment and Education Group in a statement to the ASX on Wednesday.
The sale frees up a stack of cash for Ardent to bolster its theme parks following last year’s tragedy at Dreamworld which saw attendances slump.
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News of the sale pushed Ardent’s shares up 20.5¢, or 11.9 per cent. The sale is expected to be completed next year.
The Entertainment and Education Group – jointly owned by Quadrant Private Equity and the Steinberg family – only acquired the assets of Timezone Group last month.