Pinsent Masons Advises on $1bn cinema deal

Pinsent Masons has played a role in the $1bn acquisition of Odeon and UCI Cinemas.

The deal is believed to be the largest corporate transaction involving a UK-headquartered company since the Brexit referendum.

Pinsent Masons private equity specialist Tom Leman said the deal was evidence that the UK remained open for business.

The firm advised new owners NYSE-listed AMC on the acquisition of 242 theatres and 2236 screens from Terra Firma. Odeon and UCI are the number one theatre operator in Europe and with 90 million ticket sales each year is also the number one in the UK and Ireland.

Pinsent Masons’ lawyers based in Aberdeen, carried out property diligence on the company’s 11 Scottish theatres included in the deal.

The combination of AMC and Odeon-UCI will result in AMC’s estate extending to 627 theatres and more than 7,600 screens in eight countries.

The Pinsent Masons team was led by Mr Leman and comprised John Tyerman, Tom Johnson, Emma Callow, James Kaye, Chris Watts, Adam Carney and Katy Peackcock.

Pinsent Masons worked alongside Husch Blackwell which advised on US elements of the transaction, through Jim Ash, Kirstin Salzman and Shari Wright.

Mr Leman, said: “It was a short and intense process with the small hiccup of a Brexit vote along the way. After that we had to work hard to deliver a deal that worked for both parties, however the evidence is there that the UK remains open for business. We thoroughly enjoyed working for AMC and we look forward supporting what will be the world’s largest cinema chain.”