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L&G opens talks to buy Warner cinemas
The venture-capital arm of Legal & General is in talks to buy the Warner Village cinema chain in a deal worth up to £250m, reports the Sunday Times.
L&G Ventures set the ball rolling taking a stake in Spean Bridge, the Scottish cinema group owned by Boston Ventures, which is thought to be retaining a stake. Clarity Partners an American private-equity group, is also reported to be investing. L&G Ventures declined to comment on the deal.
The three firms are thought to be using Spean Bridge as a vehicle to buy Warner Village. The bid, says the ST, would be worth £250m, including more than £100m of debt, and could be concluded by Easter. A spokesperson for Warner Villages confirmed that talks were underway: 'We are in discussions with Spean Bridge that may lead to a sale.'
Warner is a joint venture between Warner Brothers, the media group, and Village Roadshow, an Australian cinema chain. It has 36 sites in Britain and accounts for 16 per cent of the market. Spean Bridge has two cinemas in Scotland and two more overseas.
The deal would be the latest in a wave of corporate activity in the sector. Last week WestLB bought Odeon, Britain's largest cinema chain, for £431m.
The Sunday Times revealed last month that UGC was for sale. Its part-owner, Vivendi Universal, may also sell its 48.5 per cent stake in UCI Cinemas, a rival chain.
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