PVR to Buy Out South India-based SPI Cinemas
One of the biggest entertainment companies PVR Ltd announced that it has successfully acquired South India-based SPI Cinemas Pvt Ltd. The company is looking to expand its operations through acquisitions.
SPI Cinemas has an existence in the key markets of Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Kerala, and Mumbai. According to the reports, PVR will buy out a 71.7% stake in Chennai-based SPI Cinemas for Rs 633 crore ($91 million) in a cash-cum-stock deal. The company will take over 222,711 equity shares of SPI Cinemas.
Along with this, PVR will also have an option to acquire the remaining stake for up to Rs 300 crore.
“The proposed acquisition is in line with the company’s continual growth and expansion strategy,” said the company.
This deal will be funded by PVR through a ...