It has been announced that private equity group Terra Firma is to sell Odeon and UCI cinemas for £1 billion later this year.
The group, which purchased Odeon in 2004 for Eu650 million and UCI for Eu350 million, said that potential suitors include private equity firms, US cinema groups and South American cinema operators.
Terra Firma attempted to sell the chain in 2011 but failed as it didn’t attract bids close enough to its valuation. It tried again in 2013, however this was also unsuccessful.
Cinema chains such as Odeon, Vue and Cineworld make up about 70% of the UK’s screens and Cineworld is the only chain listed on the London Stock Exchange.
