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Blackstone Group looking to sell 15 million shares of SeaWorld stock

Leah Zanolla | Posted: Nov 21, 2013 | Updated: Oct 19, 2014 - 9:25:27 AM
After purchasing the SeaWorld Entertainment company back in 2009, the Blackstone Group is now looking to sell 15 million shares. The company went public in April by offering 26 million shares, giving the IPO a value of $702 million. By selling this stock, Blackstone would go from having a 63% ownership down to 46%. This will also cause SeaWorld to go from being a "controlled company" in the New York Stock Exchange to needing a board of independent directors. There is a possibility that SeaWorld would buy back 1.5 million of the shares from Blackstone.