Wang Jianlin, chairman of Wanda Group, poses at the listing ceremony for the shares of Dalian Wanda Commercial Properties Co Ltd at the Hong Kong Stock Exchange in Hong Kong, Dec 23, 2014. [Photo / IC]

Dalian Wanda Group Co Ltd, one of the leading Chinese private conglomerates, has reached an agreement to acquire 100 percent of the World Triathlon Corporation (WTC) for $650 million.

The acquisition by Wanda was another major investment in the sports sector following Infront Sports & Media and Atletico Madrid.

This acquisition will bring a top international competition to China for the first time and marks a key milestone in the development of China's sports industry. Following the acquisition, Wanda will become the largest sports operating company in the world.

Triathlons are regarded as the pinnacle of world sport. Officially included in the Olympic Games, they are comprised of three disciplines, swimming, cycling, and running, completed in succession. In the US alone, over 480,000 people participate in triathlon events, with over 4400 separate races held each year.

Headquartered in Tampa, Florida, WTC is the world's largest operator of Ironman events and the most well-known Ironman brand; as the owner of the sporting brand and the operator of the competition, WTC accounts for a 91 percent of global market share of long-distance triathlon events.

Wanda's acquisition of WTC achieves multiple strategic goals, industry experts said.

First, it expands the industry scale of Wanda sports. At present, major global sports industries are largely situated in Europe and America, and acquisitions are the only way for most companies to scale up efficiently. After the acquisition of WTC, Wanda will become the largest sports company in the world in terms of scale. Second, the acquisition enables Wanda to secure core resources and assets in the global sports industry. Triathlons are a jewel in the crown of world endurance sports, and as WTC exclusively owns the major global triathlon brands, the acquisition provides Wanda with direct control over its core resources.

Third, the acquisition completes the formation of a comprehensive sports business for Wanda. Wanda has built a full industry value chain that includes event organizing, athlete representation, event marketing and rebroadcasting, which will greatly enhance Wanda's influence on the global sports stage and accelerate Wanda's strategic advancement in the industry.

Triathlons are on the cusp of explosion in China, with a bright future ahead. A large proportion of triathlons in Europe and America are comprised of middle-class participants that are around 35 to 40 years old. As China enters the ranks of middle income countries, people are paying increasing attention to physical fitness and spiritual fulfillment, and triathlon's unique charm and challenge is set to attract a large number of people. According to senior sports circles, China has millions of cyclists and tens of millions of runners, so the potential for triathlon participation is huge.