Amarchand and Wadia Ghandy lead on PVRs acquisition of Cinemax India

Multiplex chain operator PVR will acquire upto 95.27 percent stake in Cinemax India, a Kanakia Group firm at a total considration of Rs. 543 crore ($99.5 million)..PVR’s wholly-owned subsidiary Cine Hospitality would acquire 69.27 per cent stake owned by the promoter group of Cinemax for an all cash consideration of Rs 395 crore..The acquisition will be followed by an open offer to public shareholders of Cinemax India for an additional 26 per cent stake under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011..Amarchand Mangaldas advised PVR with a team led by Managing Partner Shardul Shroff along with Partners Akila Agrawal, Kalpataru Tripathy and Pranav Sharma, Principal Associate Shruti Kinra, Senior Associate Digvijay Singh and Associates Tarun Mathur, Parika Ganeriwal and Anjali Puri..Wadia Ghandy & Co advised the Kanakia Group with a team led by Partner Ashish Ahuja and Senior Associate Sayantani Dutta..PVR currently has 46 operational properties, with 213 screens and a settling capacity of 50,655 seats. Cinemax has 39 operational properties, with 138 screens and a seating capacity of 33,535 seats..This acquisition would make PVR the leader in the movie exhibition chain in India with a combined strength of 351 screens at 85 locations with a total capacity of 84,190 seats. This will also give PVR a leadership position in 10 key markets across the country.