India’s largest cinema chain PVR has boosted its screen count with the acquisition of South India’s SPI Cinemas in a cash-plus-stock deal which could reach $122M (8.5B Rupees).
SPI currently has a screen count of 76 but it has plans to double that over the next five years. According to PVR, the deal makes the company the seventh largest cinema operator in the world with more than 700 screens across the country.
PVR said that SPI Cinemas founders Kiran M Reddy and Swaroop Reddy will continue to be associated with the business.
The growing PVR last year acquired a 2% stake in U.S. boutique cinema chain iPic for $4M and also inked a deal with Dubai-based Al Futtaim group to create a JV cinema business in the Middle East, which will operate in Saudi Arabia and North Africa.