SEOUL, KOREA - Megabox, Korea's No. 3 operator of multiplexes, is out on the market for sale. Given the market share of Megabox is 19 percent, who will take the ownership of the company will determine the whole landscape of multiplex movie theater market. The most likely candidates for the deal are Lotte and CJ Group, both of which own Lotte Cinema (market share of 28.2%) and CGV (43.2%) movie theater chains.
According to investment banking sources on May 30, Macquarie Korea Opportunities Fund had sent out teaser letters for sale of its stake in Megabox to ten or so prospective investors including Lotte Group and other private equity funds interested in the deal. Assuming the fund sells off 100 percent of its stake, the deal is estimated at 600 billion won.
The stake in Megabox is owned by Korea Multiplex Investment Corp. (50.0%), a paper company established by Macquarie Fund, and J Contentree (46.3%), an affiliate of the Korea Joongang Daily. The remaining 3.7-percent stake is held by top management of Megabox including its CEO Lee Hwan-ju. Macquarie Fund has been invested by local institutional investors such as the Public Officials Benefit Association (70 billion won), the National Pension Service (30 billion won), and Military Mutual Aid Association (30 billion won).
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