Hoyts Will Float For $900 Million This Year

Hoyts Group, Australia’s second-largest cinema operator, is expected to list on the ASX before the end of the year.

The Financial Review reports that despite buyer interest the cinema group’s private owner, Pacific Equity Partners, has appointed UBS to manage a float, while separate investment banks will handle the share sale.

Hoyts is believed to be valued between $800 and $900 million, and fund managers are expected to value the trades at about 13-times earnings before EBITDA.

The competition from online rivals, such as Quickflix, forced Hoyts to shelf its planned stand-alone streaming product which was in the pipeline for nearly two years.

The company is expected to meet with potential investors in coming weeks.

Read more here.

Now read: Quickflix Says Its Streaming In Australia Is Growing 20% A Quarter

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