Hoyts Corp is buying Auckland-based Berkeley Cinema Group from Everard Entertainment for an undisclosed sum, increasing its presence in Auckland.Berkeley Group has 21 screens across four cinema complexes situated in Botany Downs, Mission Bay, Takapuna and
Hoyts Corp is buying Auckland-based Berkeley Cinema Group from Everard Entertainment for an undisclosed sum, increasing its presence in Auckland.
Berkeley Group has 21 screens across four cinema complexes situated in Botany Downs, Mission Bay, Takapuna and Hibiscus Coast.
"The Berkeley Cinema Group is a perfect fit for Hoyts. It gives us a greater presence in New Zealand's largest market and Berkeley's design and operations are highly complementary to our own," said Hoyts chief executive Delfin Fernandez.
The agreement is conditional regulatory approvals and is expected to be completed by June.
Hoyts' New Zealand cinema circuit will increase from seven multiplexes and 49 screens to 11 multiplexes and 70 screens as a result of the acquisition.
Hoyts is owned by Australian private equity firm Pacific Equity Partners.
