NBCUniversal has made a deal to buy the Blackstone Group's 50 percent interest in its Orlando theme park for $1.025 billion, the company announced Monday.
TheWrap exclusively reported the sale on May 30.
The deal is expected to close on July 1.
The deal had to be finalized by June 12 in order to prevent Blackstone from shopping the property elsewhere.
Also Read: Comcast to Buy Blackstone's Stake in Universal's Orlando Parks (Exclusive)
A March filing by Blackstone, one of the world's largest private equity firms, showed that the company was shopping its stake in Universal Studios and Islands of Adventure.
In a written statement, NBCUniversal's CEO, Steve Burke, said, Universal Orlando is "a consistent and significant driver of operating and free cash flow and is performing extremely well."
He said that the stake was attractively valued.
In 2010, Universal Orlando opened The Wizarding World of Harry Potter. That attraction within the park helped revenues increase over 40 percent to $1.1 billion last year, according to public filings.
NBCUniversal said that the purchase will be funded with cash on hand, money from NBCUniversal's existing credit facility and a one-year $400 million not to the company from an affiliate of Comcast Corp.
Comcast owns NBCUniversal.