PEP's Hoyts cinema group acquires AMC
Pacific Equity Partners (PEP)-owned Australia cinema group Hoyts is to acquire rival group AMC for an undisclosed price – a development that comes two months after PEP announced the postponement of Hoyts’ IPO due to volatile market conditions.
The acquisition is set to expand Hoyts' presence in Queensland and New South Wales as AMC operates five cinemas mostly located in the region. Hoyts currently has 50 cinemas across Australia and New Zealand.
The move is viewed as a play by PEP to continue expanding Hoyts ahead of a slated IPO, anticipated for next year. PEP initially aimed to float the company as early as the fall, but postponed the IPO due to lukewarm reception by potential investors. Earlier this year, analysts estimated that the public debut could fetch up to A$1 billion ($900 million).
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