PVR sells bluO to market leader SMAAASH SMAAASH to double its national footprint
Mumbai, August 8, 2017: PVR Ltd, India’s largest multiplex company today announced that it has entered into Definitive agreements with Smaaash Entertainment Private Limited (“SMAAASH”) to sell its stake in bluO entertainment, a premium bowling and entertainment format operated by the Company. As part of its national expansion plans, Smaaash Entertainment Private Limited (“SMAAASH”), India's acclaimed world class gaming and entertainment company, has acquired 100% stake in bluO entertainment (a premium bowling and entertainment format), through a cash acquisition deal.
bluO is ajoint venture between PVR Limited and Major Cineplex Group of Thailand in whichPVR owns 51% stake with balance 49% stake held by Major Group. The acquisitionmarks the doubling of the area under SMAAASH management from 276,000 squarefeet to approximately around 600,000 square feet in India.
Thesignificant acquisition also adds six centers (approximately 210,000 sq. ft. ofpremium space) across five cities to SMAAASH’s existing blueprint of sevencenters in India and one in Minneapolis in the United States. The newlyacquired centres will operate under SMAAASH branding and two more centers areexpected to open shortly! SMAAASH will introduce its signature games at allbluO centres, which only had bowling before.
Commentingon the deal Mr. Ajay Bijli, Chairman cum Managing Director, PVR Ltd., said,“The sale of bluO is in line with our strategy to divest all non-core assetsand focus on our core Cinema Exhibition business. It is also reflective of thevalue embedded in our core assets and demonstrates our commitment to increaseshareholder value and provide management a more focused approach for enhancingvalue in exhibition business. We are pleased to sell the business