Australian theme park operator Village Roadshow (VR) has acquired a 14.9 per cent stake in one of its closest rivals, Sydney Attractions Group (SAG).

VR chair Robert Kirby said the AUS$5m (US$3.6m, 3m euro, £2.1m) deal could lead to the two companies working closer together in the future.

“SAG has assembled a world class portfolio of leisure assets in Sydney and is a strong business fit with our theme parks business on the Gold Coast,” he said.

“We see this deal to be highly strategic and one which will have co-marketing opportunities for the two companies. We have no intention of making a takeover bid for SAG.”

VR currently operates five theme parks on the Australian Gold Coast – Warner Brothers Movie World; Sea World; Wet’n’Wild Water World; Paradise Country and the Australian Outback Spectacular.

SAG owns and operates a portfolio of six visitor attractions, which include the Sydney Aquarium, the Sydney Tower Skywalk and Sydney Wildlife World, which is due to open later this year. Details: www.villageroadshow.com.au or www.sydneyattractionsgroup.com.au

Photograph: Sydney Skywalk