Infinite Acquisitions Partners announces LOI with Oceaneering International, Inc. for acquisition of Oceaneering Entertainment Systems (OES); Infinite and Falcon’s Beyond Global, Inc. announce LOI for Falcon’s to operate OES
By News Release | November 20, 2024
HENRICO, Va. and ORLANDO, Fla. — Infinite Acquisitions Partners LLC (“Infinite”) today announced it has entered into a nonbinding letter of intent (“LOI”) with Oceaneering International, Inc. (“OII”) for Infinite to acquire Oceaneering Entertainment Systems (OES) from OII through an acquisition of assets. In addition, Infinite and Falcon’s Beyond Global, Inc. (Nasdaq: FBYD) (“Falcon’s Beyond”), a visionary leader in innovative and immersive storytelling through Falcon’s Creative Group, Falcon’s Beyond Destinations and Falcon’s Beyond Brands, today announced that they have entered into a nonbinding LOI for Falcon’s Beyond to operate OES. Infinite is a major stockholder of Falcon’s Beyond.
OES, the entertainment focused arm of OII, has been an industry leader in developing complex ride and show systems for over 25 years. OES is an award-winning pioneer of entertainment systems and show equipment and a trusted provider to the world’s top theme park developers and operators.
OES and Falcon’s Beyond have collaborated on themed entertainment projects globally for more than two decades. If the transactions proceed, Infinite, as the owner of OES, would tap Falcon’s Beyond’s expertise to operate OES, including its development and support of trackless ride vehicles, flying theaters and beyond. Falcon’s Beyond would seek to employ key OES staff in operating OES.
“We are excited about the opportunity to own and grow OES,” said Lucas Demerau, President of Infinite. “We believe that Falcon’s expertise in experiential themed entertainment and technology makes them a great fit and they’ll be able to operate and further amplify the OES brand.”
“We are thrilled to pursue the opportunity to operate OES and to build upon OES’ legacy of innovation powered by world-class employees,” said Cecil D. Magpuri, CEO of Falcon’s Beyond. “This strategic move would further bolster Falcon’s Beyond’s platform as a world-class entertainment provider.”
“Falcon’s innovative attraction development and storytelling prowess make it an ideal operator of OES,” said Dave Mauck, Vice President and General Manager of OII. “Existing OES customers would remain customers of OES, with Falcon’s Beyond servicing the contracts and providing the same high quality and level of service that has built OES’s stellar reputation.”
The transactions involving Infinite, OII, OES and Falcon’s Beyond are subject to ongoing discussions, due diligence and the execution of binding agreements, and there is no assurance that binding agreements for the transactions will be executed.
