Dalian Wanda Group Co., controlled by Chinese billionaire Wang Jianlin, agreed to buy World Triathlon Corp., owner of the Ironman brand and series of triathlons, for $650 million.

Wanda will become the world’s largest sports company by scale, according to an announcement in Beijing. Providence Equity Partners Inc., a U.S.-based buyout firm, bought World Triathlon, based in the state of Florida, in 2008.

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