Mon, 07 Jan 2013 | BUSINESS SALE
Private Equity Group Terra Firma is planning to sell the Odeon cinema chain among a number of its other assets this year.
Reports from the Financial Times suggest that the group is also likely to sell the UCI Group and the energy firms Phoenix Natural Gas and Infinis in its efforts to raise more than £1 billion over the next 12 months.
Guy Hands, who is leading the dealmaking process, is intending to sell the energy firms first before moving on with the sale of the cinema chain later in the year.
Odeon nearly changed hands two years ago when Mr Hands first attempted to sell it. It was valued at around £1.2 billion but the sale plans were shelved as the group decided instead to refinance the chain.
However, the plan has come up again as Terra Firma looks to return cash to its backers before making efforts to raise funds for a new buyout, the paper stated.
Among the businesses expected to bid for Odeon is rival chain Vue, which is owned by private equity firm Doughty Hanson. BC Partners, which also bid for the business when it was last on the market, is also rumoured to be interested this time around according to people familiar with the situation.
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