Vue prepares for sale
13 September 2010 09:28
Cinema chain, Vue Entertainment, has begun talks with a number of private equity firms about a possible £450 million sale of the business.
Potential buyers could include Blackstone, CVC and Permira.Vue executives, including chief executive Tim Richards and finance director Alan McNair, own a 52% stake in the chain but are looking to inject new funds into the business. They plan to sell down their stake but still retain a significant portion as part of any sale. Hedge fund Och-Ziff and private equity firm Coller Capital plan to sell their holdings. Och-Ziff owns a 19% stake in Vue while Coller has a 29% shareholding.
Vue has appointed UBS to hold a strategic review.
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