Pursuit Closes Flyover Sale for $75M, Sharpening Focus on Core Attractions
PRSU sits 83% above its 52-week low of $27.915.
Summary
Pursuit completed the sale of its Flyover flying theater business to Brogent Technologies for $75 million, a slight revision from the originally agreed $78.4 million due to closing condition adjustments, but more than offset by earnings during the extended closing period. The deal values Flyover at approximately 14.5x its 2025 Adjusted EBITDA. This follows the May 20 extension of the sale deadline and aligns with the company's Vision 2030 strategy to concentrate on core sightseeing and hospitality assets in iconic destinations. The proceeds provide substantial capacity for high-return organic projects, acquisitions, and share repurchases, as highlighted by the CEO. The transaction removes a non-core unit and strengthens the balance sheet for growth initiatives.
At the time of this announcement, PRSU was trading at $51.13 on NYSE in the Trade & Services sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $27.92 to $56.52. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.