The potential sale of the Hoyts cinema chain by Pacific Equity Partners (PEP) is progressing, with PEP aiming for a November initial public offering (IPO).
An IPO would raise around $700 million. PEP purchased the business in 2007 for $440 million.
Hoyts operates 43 cinemas in Australia and New Zealand, as well as cinema advertising company, Val Morgan. It also operates a kiosk DVD distribution chain.
A sale of Hoyts by PEP has been mooted for some time, with talk of an IPO first emerging back in 2010, before being put on the back burner.
It is understood the latest push for a listing is the result of interest from internationals and fellow private equity firms.
In other ASX news, Woolworths is a fortnight out from making a decision on the future of its $60 million pubs and liquor business.
The supermarket giant is said to have received several bids for its pubs and liquor stores, but talk also abounds that instead of a sell off, an ASX listing may be the preferred option over a straight sale.
