Blackstone agrees to buy Tussauds Group for 1 Billion Pounds

Tussauds Group, owner of London’s Madame Tussauds waxworks museum is to be bought over by the Blackstone Group LP. The deal has been struck for 1 billion pounds ($1.9 billion). This will make the Blackstone Group the world’s second-biggest operator of tourist attractions. Amidst all these transactions, Dubai’s International Capital LLC (a government- backed buyout firm) will stand to gain a 20 percent stake in the combined business. Tussauds was sold to them about two years ago. Tussauds enters the already bulging portfolio of London Dungeon, London Eye Ferris wheel and Legoland, making them the number two after Disneyland.

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Madame Tussauds draws 14 million visitors a year to its various sites. The company now plans to open their museums inWashington this year and the Hollywood edition in 2008.