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PVR to acquire DLF Group’s DT Cinemas for Rs 500 crore

Multiplex chain PVR has announced that it has entered into ‘definitive agreements’ to acquire DLF Group‘s non-core business DT Cinemas on a slump sale basis, for a price of approximately Rs 500 crore. PVR Cinemas, in its notice issued to the BSE (pdf), said the proposed transaction is yet subject to the approval of statutory regulations. As of now, PVR has a total of 105 multiplexes adding to 467 screens across 43 cities, while DT cinemas has 8 multiplexes with 2 upcoming ones and a total of 29 screen with 10 upcoming ones. Post acquisition, PVR’s total will stand at 115 multiplexes in 44 cities with a total of 506 screens. As per this ET report, DLF will lease these to PVR on a contract of 10-15 years, for about 15% of the gross revenue generated in the premises, including food and exhibition. DLF estimates this will generate an incremental revenue of about Rs 20-30 crore per annum for the company. Previous acquisition attempt: This is not the first time PVR is announcing its acquisition of DT Cinemas. The company had made a similar announcement in November 2009, to acquire DT Cinemas for Rs. 202 million and the issuance of 2,557,000 equity shares to DT Cinemas on a preferential basis. However the acquisition was reported to be delayed in January 2010, as the two companies agreed to extend the long stop date (legalese for when the acquisition is slated to be complete) to February 15, 2010. Interestingly, after PVR’s announcement…

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