Carnival to acquire Elan Group's 100 percent stake in Novo Cinemas UAE and Kingdom of Bahrain
Novo Cinemas currently operates 104 screens with over 16,000 seats across 10 properties in the United Arab Emirates and the Kingdom of Bahrain
Mumbai: Carnival group, which operates multiplex chain Carnival Cinemas, on Thursday said it will acquire Elan Group's 100 percent stake in Novo Cinemas United Arab Emirates and the Kingdom of Bahrain, for an undisclosed sum.
Novo Cinemas currently operates 104 screens with over 16,000 seats across 10 properties in the United Arab Emirates and the Kingdom of Bahrain, and has planned expansions of over 50 additional screens over the next few years, a release said.
"Carnival Group has entered into a definitive agreement with Elan Group to acquire its 100 per cent stake in Novo Cinemas United Arab Emirates and the Kingdom of Bahrain," the company said in the release.
It at present has operations in India, Singapore and the United Arab Emirates.
"We are now entering into Middle Eastern countries with this deal to explore new market opportunities," Shrikant Bhasi, chairman and founder, Carnival group, was quoted as saying in the release.
The transaction is subject to applicable regulatory and statutory approvals and customary closing conditions. Ernst & Young was the exclusive financial advisor on the transaction, according to the release.
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