NEWS: Legoland sale may be closer to reality

[robbalvey]

http://www.usatoday.com/money/world/2005-06-01-lego_x.htm

 

Lego in talks to sell its amusement parks

 

COPENHAGEN, Denmark — Danish toymaker Lego said Wednesday it is in talks with several partners to sell its four Legoland amusement parks and expects to reach a deal this summer.

 

The company famed for its colored plastic building blocks, which had a record 1.9 billion kroner ($314 million) loss in 2004, wants to sell its four amusement parks as a complete package.

 

"We're in the middle of process and do not wish to comment further," spokeswoman Charlotte Simonsen said.

 

Simonsen declined to say who the company was holding talks with but added that a sale was expected to be completed in the summer.

 

Danish media have speculated that potential buyers include New York-based private-equity firm Blackstone Group and Advent International Partners, Dubai International Capital and Britain's Palamon Capital Partners.

 

The decision to sell the four parks came after the Lego loss last year.

 

The first Legoland park, located next to the company headquarters in Billund, 240 150 miles west of Copenhagen was opened in 1968. The others are in Carlsbad, Calif.; Windsor, near London, and in southern Germany.

 

Lego is owned by Kjeld Kirk Kristiansen, grandson of the company's founder, Ole Kirk Christiansen. The company isn't publicly listed but has published earning reports since 1997.

 

Founded in 1932, Lego's name was invented by combining the first two letters of the Danish words "Leg godt" (play well) without knowing then that the word in Latin means "I assemble."

 

Let's just hope they go to a good home. Legoland is probably one of the nicest parks in So Cal. I always reccomend people to visit there when they are in California!

 

--Robb