Meraas Leisure and Entertainment said the minority shareholders of DXB Entertainments, the operator of Dubai Parks and Resorts, accepted its offer to acquire the company.
Meraas and its parent company currently own 59.5 per cent of the theme park operator after a bond-conversion exercise.
It announced plans in December to buy out minority shareholders and take DXBE private.
"Shareholders in DXBE formally approved a set of resolutions relating to the offer at a General Assembly meeting on March 9, including a resolution enabling Meraas to acquire the senior bank debt of DXBE and subsequently convert this debt into new shares of DXBE at a conversion price of Dh0.08 per share," Meraas said in a statement to the Dubai Financial Market on Tuesday.
“Shareholders in DXBE who accepted the offer by submitting their acceptance form will receive a payment of Dh0.08 in cash for each DXBE share they own, subject to the fulfilment of regulatory and other conditions.”
The past year was a challenging one for the global travel and tourism industry because of the coronavirus-induced slowdown.
Theme park closures to curb the spread of the pandemic hit the financial performance and liquidity of global park operators.
The revenue of Walt Disney Company, which operates Disneyland, fell by 53 per cent in the fourth quarter of last year.
DXBE registered a net loss of Dh2.66 billion ($724.2 million), compared with loss of Dh855m in 2019.
The loss for the year included Dh1.7bn in property and equipment impairment costs and Dh346m in non-cash depreciation.
Dubai Parks and Resorts, which started operations in December 2016, runs Legoland Dubai, Bollywood Parks Dubai and a Motiongate theme park.
Plans to add a Six Flags Dubai theme park were cancelled in 2019.
Despite a reorganisation of assets and a cost-cutting exercise, the company has continued to lose money.
