Finance: Tussauds Group bought by Dubai firm

Posted at 5:46 PM EST (2246 GMT)

Mar. 23rd, 2005 -- The Tussauds Group has a new owner. For 800 million pounds ($1.51 billion) the company was sold to Dubai International Capital, a private firm owned by the government of Dubai, a city in the United Arab Emirates.

The Tussads Group is the operator of several European parks, including Heide Park, Alton Towers, and Thorpe Park. According to Tussads' chief executive Peter Phillipson, the move is part of a company plan to modernize and accelerate growth. Phillipson mentioned that the company sees itself becoming the leader of Europe's amusement park market.

The group also operates the famous Madame Tussauds Wax Museums.

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