Dolphin Cove Acquisition: A New Chapter Unfolds
A significant shift in ownership is underway for Jamaica’s beloved marine attraction, Dolphin Cove Limited. Global Attractions Limited, a company newly incorporated in Saint Lucia, has entered into a definitive agreement to acquire a substantial 79.99% stake from the current majority shareholder, World of Dolphins Inc. The formal agreement was inked on July 9, 2026, and pertains to 313,901,858 ordinary shares of Dolphin Cove. While the financial terms of the acquisition and the expected timeline for its completion remain undisclosed, this transaction marks a pivotal moment for the Jamaican tourism entity. Global Attractions Limited was incorporated in Saint Lucia on March 16, 2026, indicating its recent formation just months before this major acquisition. The company is registered and tax-resident in Saint Lucia, with McNamara Corporate Services Inc serving as its registered agent. However, the publicly accessible registry information does not yet reveal the identities of Global Attractions’ shareholders, directors, or beneficial owners, nor their financing strategies for this significant deal.
Navigating the Takeover Process
Following the acquisition of control by Global Attractions Limited, the company will be obligated under the Securities (Take-Overs and Mergers) Regulations and Jamaica Stock Exchange (JSE) rules to extend a mandatory offer to the remaining minority shareholders of Dolphin Cove. This offer, due within 30 days of acquiring control, will provide an opportunity, though not an obligation, for these shareholders to sell their shares to the new controlling entity. The specifics of this mandatory offer, including the price and terms, are expected to be detailed in a takeover bid circular. Dolphin Cove’s shares were trading at J$10.95 on the JSE Junior Market as of Monday, valuing the company at approximately J$4.3 billion. The 79.99% stake held by World of Dolphins would be worth around J$3.44 billion at this price. The remaining 20.01% held by minority shareholders, approximately 78.5 million shares, is valued at about J$860 million.
Historical Context and Previous Ownership
This upcoming ownership change represents Dolphin Cove’s second major transition in just over a decade. In late 2015, World of Dolphins Inc. acquired its controlling interest in Dolphin Cove through a takeover transaction that valued the shares at approximately US$0.1338 each, costing over US$35 million. This acquisition cemented World of Dolphins’ decisive control over shareholder votes and board appointments, a position that Global Attractions will now inherit. Dolphin Cove, founded in 2001, has become a prominent tourism attraction in Ocho Rios, known for its interactive marine experiences. It has hosted numerous celebrities and has been utilized by the Jamaica Tourist Board for promotional activities. Despite a challenging tourism landscape in 2025, reportedly impacted by events such as Hurricane Melissa, Dolphin Cove’s latest annual report indicated positive operating cash flow. The acquisition also comes in the wake of protracted US bankruptcy proceedings involving Leisure Investments Holdings LLC, the parent company of World of Dolphins, which filed for Chapter 11 bankruptcy protection in March 2025. A hearing in that case is scheduled for July 20, 2026.
Financial and Operational Considerations
The completion of the transaction is contingent upon several conditions, notably the refinancing and discharge of Dolphin Cove’s existing credit facility with Sagicor Bank Jamaica Limited. This financial prerequisite highlights the importance of securing new financing arrangements for the acquisition. The sale process has been driven by creditors holding security over the shares, as World of Dolphins pledged its Dolphin Cove shares as collateral for a US$100 million senior note issued by its Mexican holding company, Controladora Dolphin SA de CV, which has since gone into default. This situation has led to the sale of various other assets within The Dolphin Company’s global portfolio, including the Miami Seaquarium lease, Marineland, and Gulf World. Dolphin Cove founder Stafford Burrowes, who retains approximately 9.8% of the shares and serves as chairman, will be among those entitled to the mandatory offer from Global Attractions.
FAQ: People Also Ask
What is Dolphin Cove?
Dolphin Cove is a well-known marine attraction located in Ocho Rios, Jamaica. It offers visitors interactive experiences with dolphins, as well as opportunities to see sharks, stingrays, and other marine life. It also provides access to Dunn’s River Falls.
Who is the new owner of Dolphin Cove?
The new majority owner is Global Attractions Limited, a company recently incorporated in Saint Lucia. They are acquiring a 79.99% stake from World of Dolphins Inc.
When was Dolphin Cove founded?
Dolphin Cove was founded in February 2001 and opened its doors in Ocho Rios, Jamaica.
What percentage of Dolphin Cove is being acquired?
Global Attractions Limited is acquiring 79.99% of Dolphin Cove Limited’s ordinary shares.
What are the conditions for the Dolphin Cove acquisition to be completed?
Key conditions include the refinancing and discharge of Dolphin Cove’s existing credit facility with Sagicor Bank Jamaica Limited. Additionally, Global Attractions Limited must make a mandatory offer to minority shareholders within 30 days of acquiring control, as per JSE regulations.