Blackstone's $475m parks buy.

The Blackstone Group has plans to dominate the world's amusement parks. This week, the company announced acquisition of LEGOLAND Parks, operator of family theme parks in England, Germany, Denmark and the state of California, for $475 million. According to the company's official statement, Blackstone hopes to combine LEGOLAND with the previously acquired Merlin Entertainments to create the second largest visitor attraction business in Europe and the ninth largest in the world. The new business will be a joint venture between Blackstone and LEGOLAND owner, the LEGO Group. The former will hold a 70% stake in the business, while the latter will get a 30% stake. Nick Varney has been appointed as the chief executive officer of the new firm, which will operate under the name Merlin Entertainments Group.

"We are delighted that we have been able very quickly to execute our strategy of building a leading theme park and attractions business in Europe," said Joseph Baratta, senior managing director of the Blackstone Group. "The combination of LEGOLAND and Merlin creates a unique asset in the leisure industry. We are particularly pleased to have as a significant partner in this business a world class company such as the LEGO Group."

Merlin Entertainments owns 28 amusement parks in eight European countries. LEGOLAND operates theme parks based on the concept of LEGO, a popular construction game.