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Odeon buys Irish cinemas for £60m
ODEON & UCI, the cinema chain owned by Guy Hands’ private equity house Terra Firma, bought nine cinemas in Ireland and two build sites for new complexes for £60m yesterday.
The chain used some of the proceeds of its recent £500m bond issue on the purchase, which will add 77 new screens to its Ireland operation.
Hands raised a for-sale sign over the chain’s head last month with a hoped-for £1.2bn asking price, but City A.M. understands it is still unclear whether an offer at that level will be made.
More bolt-on purchases of cinemas and sites are expected ahead of a sale of the group.
Terra Firma said the Irish cinema market is one of the strongest in Europe, with average visits currently at almost twice the UK’s level and above the US.