Kingdom Holding rescues The Magic Kingdom: Euro Disney gets another Saudi cash injection

Published November 18th, 2015 - 03:22 GMT
Last year, Euro Disney reported debts of about 1.7 billion euros. (Pixshark)
Last year, Euro Disney reported debts of about 1.7 billion euros. (Pixshark)

Kingdom Holding Company (KHC), which is 95 percent owned by Saudi Arabian billionaire Prince Alwaleed bin Talal, has announced a $52.37 million injection (49.2 million euros) into the ailing Euro Disney, the company which operates the Disneyland Paris theme park.

The announcement comes a year after KHC announced that it would join a $1.3B bailout effort alongside the Walt Disney Company, the majority shareholder. The bailout agreement included a 420 million euro cash injection and debt elimination via a 600 million equity swap.

Since its opening in 1992, Euro Disney has struggle to turn a profit, despite being Europe's top private tourist destination.

KHC is the second biggest shareholder of Euro Disney, with 10 percent share ownership.

Kingdom Holding’s vast portfolio includes Citigroup, Movenpick Hotels & Resorts and the Four Seasons Hotel. Last month Prince Al Waleed bin Talal became Twitter's second largest investor.

 


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