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Australian cinema chain Hoyts sold to Chinese investor

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Australian cinema chain Hoyts sold to Chinese investor
Source:Reuters-Global Times Published: 2014-12-23

Australia's Hoyts Group said on Tuesday it has been sold by its private equity owner Pacific Equity Partners (PEP) to an investment vehicle set up by Chinese entrepreneur Sun Xishuang.

Hoyts, Australia's second-biggest cinema operator by number of screens, said the billionaire chairman and large shareholder of Chinese property group Dalian Yifang bought Hoyts through his company ID Leisure, based in the British Virgin Islands. Financial terms of the sale weren't disclosed.

The sale ends a busy year of exits for PEP, Australia's largest private equity firm, as it has seized on appetite for businesses seen as benefiting from the country's record-low interest rates, low unemployment and relatively buoyant equity market.

PEP had engaged investment bank UBS AG to run a dual-track sale process for the 450-screen chain throughout 2014 including the possibility of an IPO that sources close to the process said would seek to raise about A$900 million ($731 million).

But after several weak recent listings and confirmation that US video streaming giant Netflix Inc will open in Australia in March, sources said PEP was still considering a private sale for the company it bought from a consortium including Australian casino billionaire James Packer for A$440 million in 2007.

The sale also extends a run of large cinema acquisitions by Chinese interests seeking to expand globally.

In 2012, China's Dalian Wanda Group bought American No.2 cinema chain AMC Theatres, which has 5,000 screens, for $2.6 billion.

A PEP spokesperson was not immediately available for comment.
 
Time to roll back the retail market presently dominated by foreign giants. :D

BBC News - B&Q owner Kingfisher to sell China stake for £140m

22 December 2014 Last updated at 07:49

B&Q owner Kingfisher to sell China stake for £140m

_79881736_110919593.jpg

Kingfisher had been looking for a strategic partner in China


Home improvements retailer Kingfisher has agreed to sell a controlling stake in B&Q China to Wumei Holdings.

Kingfisher is selling a 70% stake in the business - which has 39 stores and more than 3,000 staff - for £140m.

The company had already announced that it was looking for a strategic partner to develop its B&Q business in China.

The transaction, which is subject to approval by the Chinese Ministry of Commerce, is expected to be completed in the first half of 2015.

'Strong retail partner'
As well as B&Q, Kingfisher owns the Screwfix, Brico Depot and Castorama home improvement chains.

It also owns 50% of the Koctas brand in Turkey.

"I am delighted to have found a strong retail partner who will help us to release the financial value of our business in China," said group chief executive Veronique Laury.

"This will enable us to focus our financial resources and management talent on the large and attractive European home improvement market."

Beijing-based Wumei Holdings operates about 650 supermarkets and 10 department stores in China, owning brands such as Wumart, Jingbei Shopping Mall, and Merrymart.

Ms Laury recently took over from Ian Cheshire as chief executive.
 
Time to roll back the retail market presently dominated by foreign giants. :D

BBC News - B&Q owner Kingfisher to sell China stake for £140m

22 December 2014 Last updated at 07:49

B&Q owner Kingfisher to sell China stake for £140m

_79881736_110919593.jpg

Kingfisher had been looking for a strategic partner in China


Home improvements retailer Kingfisher has agreed to sell a controlling stake in B&Q China to Wumei Holdings.

Kingfisher is selling a 70% stake in the business - which has 39 stores and more than 3,000 staff - for £140m.

The company had already announced that it was looking for a strategic partner to develop its B&Q business in China.

The transaction, which is subject to approval by the Chinese Ministry of Commerce, is expected to be completed in the first half of 2015.

'Strong retail partner'
As well as B&Q, Kingfisher owns the Screwfix, Brico Depot and Castorama home improvement chains.

It also owns 50% of the Koctas brand in Turkey.

"I am delighted to have found a strong retail partner who will help us to release the financial value of our business in China," said group chief executive Veronique Laury.

"This will enable us to focus our financial resources and management talent on the large and attractive European home improvement market."

Beijing-based Wumei Holdings operates about 650 supermarkets and 10 department stores in China, owning brands such as Wumart, Jingbei Shopping Mall, and Merrymart.

Ms Laury recently took over from Ian Cheshire as chief executive.


That's great! There are B&Qs in Taiwan, also. :)

China should buy more retail chains across the world. The big fish, if possible.
 
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