Mexican multiplex operator Cinepolis has acquired all 83 screens of Essel Group’s Fun Cinemas in India for an undisclosed amount. With the latest acquisition, Cinepolis operates 193 screens across 41 multiplexes and in 31 cities and the company also claims that it is now the third largest multiplex operator in terms of revenue.
However, a Business Standard report, citing industry sources, pegs the deal at Rs 450-480 crore. The report added that the deal was finalized in December 2014 and the process took about four months.
For now, Cinepolis says that the two brands will operate separately and will be integrated later. Cinepolis added that it is looking to increase its screen count to 400 by 2017.
Other multiplex deals
Earlier this month, Mukesh Ambani-led Network 18’s venture capital arm Capital18 informed that it is divesting its stake in cinema multiplex operator Stargaze Entertainment to Kochi-based Carnival Films. This is Carnival Cinemas’ third acquisition in the past year. In December 2014, it had picked up over 250 screens from Anil Ambani-led Reliance MediaWorks’ Big Cinemas . In July 2014, Carnival Cinemas had also acquired Housing Development and Infrastructure Ltd (HDIL) owned multiplex chain Broadway Cinemas for an undisclosed amount.
In August last year, Inox had acquired 100% stake in New Delhi-based Satyam Cineplexes for Rs 182 crore. The acquisition gave Inox an entry into Delhi (and neighbouring Gurgaon, Greater Noida and Faridabad), which is dominated by PVR. Inox Leisure CEO Alok Tandon had said that they will be adding a further 156 screens over the next two years, which would take their total screen count to 514. PVR had also acquired 69.3% stake in competing multiplex chain Cinemax for Rs 394 crore in November 2012.