south india | Pixr8 News

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 ...

BookMyShow has acquired Hyderabad-based online ticketing platform, MastiTickets, for an undisclosed sum, a move aimed at consolidating its presence in Andhra Pradesh and Telangana. The acquisition will include transfer of MastiTickets' key assets along with existing cinema partnerships to BookMyShow, BookMyShow CEO and co-founder Ashish Hemrajani told Pixr8. He, however, declined to comment on the deal size. Founded in 2014 by Ravi Narla, MastiTickets has a strong presence in Andhra Pradesh and Telangana and currently works with over 120 cinemas. "The acquisition will help us further consolidate our position and strengthen our footprint. We work with 530 cinemas in these two States and have added 175 of these in the last 12 months alone," he said. MastiTickets has a very small...

Tag: south india

PVR to Buy Out South India-based SPI Cinemas

BookMyShow Acquires Hyderabad Based MastiTickets