Advance Publications, Inc. (Advance) and Orkila Capital LLC entered into a definitive stock purchase agreement to acquire World Endurance Holdings Inc. from Wanda Sports Group Company Limited (NasdaqGS:WSG) for an enterprise value of $730 million on March 26, 2020. The enterprise value is subject to customary purchase price adjustments. At closing the purchasers will pay an amount equal to the amount of Indebtedness set forth in each such Debt Pay-Off Letter to effect the repayment or prepayment of the applicable Indebtedness of World Endurance Holdings. Purchasers will deposit a portion of consideration in escrow. The consideration will be paid in cash. As part of the transaction, Wanda Sports Group will continue to operate the IRONMAN® and IRONMAN® 70.3® triathlon series, Rock 'n' Roll Marathon Series® and Epic Series® of off-road mountain bike races in China under an exclusive license agreement. Subsequent to the sale, Wanda Sports Group will continue to operate three business segments – Mass Participation, Spectator Sports, and Digital, Production, Sports Solutions (DPSS). Jesse Du Bey, Managing Partner of Orkila, will rejoin its Board of Directors alongside Advance and Andrew Messick, President and Chief Executive Officer of The IRONMAN Group. The transaction is subject to customary conditions, including regulatory approval and all approvals required under the HSR Act, with closing anticipated in the second quarter of 2020. As of June 9, 2020, the government clearance was required from 4 countries of which 3 have approved the deal. As of March 30, 2020, the deal is expected to close in April 2020-June 2020. As of June 9, 2020, transaction is expected to close by end of the second quarter. Wanda Sports Group Company intends to use the net proceeds from the sale to repay the principal amount of $230 million and related interest and fees outstanding under the Credit Suisse facility and the $50 million outstanding under a promissory note issued to Wanda Sports & Media(Hong Kong) Holding Co. Limited. As to the balance of the proceeds, Wanda Sports Group intends to use all or a substantial portion of them to fund dividends or share buy-backs also to apply the proceeds to strengthen balance sheet to useful general corporation purpose or subject to shareholders' approval, return capital to shareholders. Yasir Shah of BofA Securities, Inc. acted as financial advisor and Brian E. Hamilton, Garth W. Bray, Nader A. Mousavi, Davis J. Wang and Juan Rodriguez of Sullivan & Cromwell LLP acted as legal advisors to Advance. hsan Essaid and Rui Wang of Credit Suisse Securities (USA) LLC acted as financial advisor and Christopher M. Sheaffer of Reed Smith LLP acted as legal advisor to Wanda Sports Group and The IRONMAN Group.