PVR has entered into definitive agreements to acquire the cinema exhibition business of DLF Utilities, which is operated under the brand name of ‘DT Cinemas’, on a slump sale basis for an aggregate consideration of approximately Rs 500 crore.
DT Cinemas currently operates 29 screens with approximately 6,000 seats across 8 properties in the National Capital Region (NCR) and Chandigarh. In the next 12 months, DT proposes to add 10 new screens at two properties in the National Capital Region. Currently, PVR has 467 screens across 105 locations in 43 cities. As a result of the proposed acquisition, PVR will have a presence in 44 cities with 115 multiplexes and 506 screens.
EY India and Luthra & Luthra were the financial and legal advisors respectively to DLF and Shardul Amarchand Mangaldas & Company was the legal advisor to PVR on the transaction. The proposed transaction will be subject to approval of applicable statutory and regulatory approvals and satisfaction of customary conditions precedent.
| Company Name | CMP |
|---|---|
| PVR | 961.05 |
| Saregama India | 343.75 |
| Shemaroo Entertain. | 105.83 |
| Balaji Telefilms | 96.74 |
| UFO Moviez | 73.12 |
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