Tempus Global, a personalized travel solutions provider in China, intends to acquire 60% of the shares of Chocolate Happy Land (CHL), a culture and tourism company owned by Shanghai Ding’ang Investment, for RMB 180 million (USD 26.08 million), it was announced on October 11.
CHL is valued at RMB 300 million (USD 43.46 million) at the moment, but the acquisition will be based on an updated valuation agreed by both parties. The final valuation will be subject to the equity acquisition agreement signed by them.
CHL operates theme park chains with amusement parks in Shanghai, Tangshan, Wuxi and other destinations in China. It aims to become the largest family-oriented theme-park brand in China by developing leisure facilities for children and adults in the first- and second-tier cities nationwide.
The two companies will cooperate on an equity basis, as Tempus controls substantial traffic flow and CHL excels in theme park operation. The synergy will lead to more projects in places such as Nanjing, Ningbo, Changsha, Chengdu, Wuhan, Hefei, Xuzhou, Dalian, Qingdao, Wenzhou and Suzhou.