LONDON (Reuters) - Britain's Merlin Entertainments (L:MERL) will take its Legoland amusement park to Shanghai as part of a deal agreed with investment firm China Media Capital during the state visit of President Xi Jinping.
Merlin, the world's second biggest visitor attractions group behind Walt Disney (N:DIS), said it planned to open the Legoland Park in the Shanghai area as well as additional brands throughout China as part of a joint venture with CMC.
Legoland is aimed at younger children and features rides as well as models of landmarks from around the world made from millions of Lego bricks.
"China is a key growth market for the Group and we see this partnership as providing a significant opportunity to accelerate our plans," Merlin Chief Executive Nick Varney said in a statement.
The announcement comes during Xi's state visit to Britain, which is designed to improve financial ties between the two countries and see more than 30 billion pounds ($46 billion) worth of deals agreed.
Merlin Entertainments currently operates five attractions in China including Madame Tussauds and Chang Feng Ocean World aquarium. It had also announced plans for three further attractions to open in the next 18 months, including a smaller Legoland site.
It said it planned to develop some of its existing brands such as 'The Dungeons' for the Chinese market as well new Midway brands including 'DreamWorks Tours - Kung Fu Panda Adventures' and others.