BEIJING - China's Wanda Sports Group announced on Thursday that it is to sell its Ironman triathlon business to US firm Advance Publications.

The deal values the triathlon business at $730 million, and is expected to be completed in the second quarter of 2020.

"It's a great deal for both parties," said Yang Hengming, CEO of Wanda Sports Group.

"Advance gets one of the biggest sports brands and we will unlock significant value for our shareholders."

Beijing-based Wanda Sports, part of the Dalian Wanda congolmerate, bought Ironman in 2015 from Providence Equity Partners for 650 million dollars.

"Today is an important milestone for The Ironman Group. We are pleased with this partnership, which is a testament to Advance's belief in the company," said Andrew Messick, president and CEO of Ironman.

"We remain confident in our future; our focus and objectives are unchanged, and we are ready to face the opportunities and challenges ahead."

The Ironman Group has owned, organized, promoted, and licensed endurance events for over 40 years. Every year, over one million international athletes participate in an Ironman event.