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Universal to Invest in Spanish Theme Park

June 23, 1998|Marla Matzer

Marking its entry into Europe, Universal Studios' recreation division has made an investment of more than $60 million in Spain's largest theme park. The Port Aventura park--60 miles south of Barcelona--will be renamed Universal's Port Aventura as part of the deal, in which Seagram-owned Universal purchased the 37% stake from Pearson's Tussauds Group Ltd. Universal will share ownership with Caixa, Spain's leading savings bank, and Anheuser-Busch, the American brewer that also owns U.S. theme parks. Universal will take over all operations of Port Aventura from Tussauds; Universal operates parks in Los Angeles and Orlando, Fla., and is constructing a park due to open in Osaka, Japan, in 2001.

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