Carnival Group, an Indian business conglomerate with operations in India, Singapore and the United Arab Emirates, has entered into a definitive agreement with Elan Group to acquire its 100 percent stake in Novo Cinemas United Arab Emirates and Kingdom of Bahrain.
Novo Cinemas currently operates 104 screens with over 16,000 seats across 10 properties in the United Arab Emirates and Kingdom of Bahrain, and has planned expansions of over 50 additional screens over the next few years.
Commenting on the transaction, Dr. Shrikant Bhasi, Chairman and Founder of Carnival Group said, “We are the fastest growing multiplex chain in India and Singapore and are strengthening our foothold globally. Our international expansion is a necessity for us at a cultural level. We are now entering into Middle Eastern countries with this deal to explore new market opportunities. The relevance of big-screen experience still remains undeniable in any country and we will adopt our learnings from this acquisition in other markets further enhance customer experience”.
The transaction is subject to applicable regulatory and statutory approvals and customary closing conditions.
Ernst & Young was the exclusive financial advisor on the transaction. Eversheds Sutherland L.L.P. and Hadef & Partners were the legal advisor to Elan Group and Carnival Group respectively.