February 14, 2018 / 8:31 AM / a year ago

China's Dalian Wanda sells 17 pct stake in Spain's Atletico Madrid

MADRID, Feb 14 (Reuters) - Dalian Wanda Group has sold a 17 percent stake in Atletico Madrid, the Spanish soccer club said on Wednesday, the latest step in the Chinese conglomerate’s strategy to reduce debt.

Wanda sold the stake to Quantum Pacific Group, after buying a 20 percent stake in Atletico in 2015 for 45 million euros ($56 million), when it became the first mainland Chinese company to invest in a premier European club.

The sale adds to deals worth about $16 billion that Wanda has announced since last year. In January, Wanda said its commercial property arm reached a deal to get a $5.4 billion investment from a group led by tech giant Tencent Holdings . ($1 = 0.8077 euros) (Reporting by Angus Berwick; Editing by Edmund Blair)

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