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Loews Sale Nets $1.46 Billion http://www.menafn.com/qn_news_story.asp?StoryId=CqnEUWeiemJGZmuXVzxDZu2fSzu5LDhmXn
NewsStand - Tuesday, June 22, 2004
NY Post ERICA COPULSKY
A team of buyout firms sealed a deal to snap up Loews Cineplex Entertainment for $1.46 billion.
Canadian buyout firm Onex Corp., which owns Loews with Oaktree Capital Management, said yesterday that it would sell the world's third-largest movie theater chain to a company formed by Bain Capital, the Carlyle Group and Spectrum Equity Investors. A source familiar with the deal said Bain and Carlyle will have equal stakes of 38 percent each, while Spectrum will have around 20 percent, with existing management owning the rest. The Post reported on June 7 that the Bain-led consortium was in advanced talks to purchase Loews. "Loews is a solid, 100-year-old business with consistent and stable cash flows in a well-known industry," said Michael Connelly, a managing director of the Carlyle Group's telecommunications and media group. "We look forward to working with management and employees of the company to create new opportunities." The assets being acquired by Bain, Carlyle and Spectrum include Loews' U.S. operations, Grupo Cinemex in Mexico and its 50 percent interests in Megabox Cineplex of Korea and Yelmo Cineplex of Spain. Onex and Oaktree will retain an interest in Cineplex Galaxy Income Fund, which operates the Loews theater business in Canada as well as Galaxy Entertainment. Loews, based in New York, boasts more than 2,800 screens in some 280 movie houses throughout the world. The company operates under the Loews Theaters, Cineplex Odeon and Star Theaters names in major cities including Boston, Chicago, New York, San Francisco and Washington, D.C.Copyright 2004 NYP Holdings, Inc. All rights reserved.
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