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Hoyts cinema chain acquired by Australian buyout firm

September 24, 2007|From Bloomberg News

Pacific Equity Partners, an Australian buyout firm, bought the Hoyts Group chain of cinemas from Publishing & Broadcasting Ltd. and West Australian Newspapers Holdings Ltd. in a transaction that values the assets at $382 million.

The deal includes the Hoyts chain of cinemas in Australia and New Zealand, as well as Val Morgan, which buys advertising for more than 2,000 screens, Sydney, Australia-based Publishing & Broadcasting said Sunday.

Publishing & Broadcasting, controlled by billionaire James Packer, and West Australian will each get $130 million from the deal. The companies combined in January 2005 to acquire Hoyts from Packer's private company, Consolidated Press Holdings Ltd., for $301 million.

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