Blackstone outbids rivals for Legoland

Morgan Stanley has sold Legoland Parks for €375m ($457m) to private equity group Blackstone in an auction dominated by private equity bidders. The bank was advising Lego Group, the Danish owners.

The price for the four European theme parks is 25% above initial expectations of €300m and nearly 10 times Legoland's €36m earnings before interest depreciation and amortisation.

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