Odeon cinemas set to go on sale priced at a whopping £1bn

Cinema chain set to go on sale later this year

British cinema chain Odeon is set to go on the market for about £1bn sometime before May.

This is the third time private equity group Terra Firma has tried to sell the business, which it bought in 2004, but this time the asking price is lower.

It could also choose to list the company on the London Stock Exchange instead, according to chair Guy Hands.

He said it is possible the firm will be bought by a US or South American cinema group or another private equity buyer.

Terra Firma bought Odeon for £475m and merged it with UCI, another cinema chain. In 2011, it failed to attract the £1.2bn asking price when Terra Firma tried to sell it, and again in 2013 it failed to sell.

Odeon’s profits fell 24% for 2013 to £69.2m, with sales down 5%.

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