PE Tech Report

NEWSLETTER

Like this article?

Sign up to our free newsletter

Pacific Equity Partners acquires Australian cinema group

Publishing and Broadcasting and West Australian Newspapers have agreed to the sale of the Hoyts Group in Australia and New Zealand, with operations comprising cinema exhibition, Val Morgan

Publishing and Broadcasting and West Australian Newspapers have agreed to the sale of the Hoyts Group in Australia and New Zealand, with operations comprising cinema exhibition, Val Morgan cinema advertising and film distribution, to Pacific Equity Partners.

The transaction, which values Hoyts at AUD440m, is subject to approval from Australia’s Foreign Investment Review Board and the New Zealand Overseas Investment Office. The sale is expected to be completed by November and realise approximately AUD150m for Publishing and Broadcasting and West Australian Newspapers. UBS acted as financial adviser to the vendors.

Publishing and Broadcasting head of new media Martin Dalgleish expressed his satisfaction with the deal and wished the management and staff success in the future. ‘Hoyts is one of the true iconic and leading entertainment brands of the region,’ he says.

Western Australian Newspapers chief executive Ken Steinke says: ‘WAN has enjoyed its ownership of Hoyts since 2005, during which time management and staff have delivered operational improvements and have positioned the business well for the future.’

Richard Gardell, managing director of Pacific Equity, adds: ‘We are pleased to be acquiring the leading cinema exhibitor and advertiser in Australasia. We look forward to working with an excellent management team and investing in future opportunities.’

Like this article? Sign up to our free newsletter

MOST POPULAR

FURTHER READING

Featured