A consortium led by the family that controls the Lego toymaking empire has agreed a £5.9bn takeover of Merlin Entertainments, the theme park operator which runs the Legoland attraction.

Merlin, which also counts waxworks Madame Tussauds and the London Eye among its attractions, had come under pressure from an activist investor to find a private buyer after struggling in recent months.

The deal is not expected to affect the vast majority of the company’s 28,000 employees, although some jobs relating to public company reporting requirements may be redundant

The consortium taking over the company is 50% owned by Kirkbi, the private investment company of the family of Kirk Kristiansen, the inheritor of the Lego fortune who is said by Forbes magazine to have a net worth of $5.7bn (£4.5bn). The other half is owned by private equity buyer Blackstone and CPPIB, the Canadian pension fund.

The deal marks one of the largest European buyouts in recent history and comes at a moment when private equity funds are flush with cash and looking at bigger targets.

Via FT