China’s Wanda Cinema Line is acquiring Australian exhibitor Hoyts Group for an undisclosed amount.
Hoyts is currently owned by Chinese investment and property company ID Leisure Ventures, headed by Sun Xishuang, which acquired the company from Pacific Equity Partners for around $750m in December 2014.
Sun is a close friend of Wang Jianlin, the owner of Wanda Cinema Line’s parent company, Dalian Wanda Group. He is also an investor in Dalian Wanda Group’s Wanda Commercial Properties through his own property giant Dalian Yifang Group.
Dalian Wanda Group, which is diversifying away from its core property business, acquired North American cinema chain AMC Entertainment for $2.6bn in 2012.
Wanda Cinema Line floated on the Shenzhen Stock Exchange earlier this year, just after the IPO of Wanda Commercial Properties in Hong Kong.
In February, Dalian Wanda Group announced the acquisition of Swiss sports marketing firm Infront Sports & Media AG for $1.15bn around the same time that it also took a stake in Spanish soccer club Atletico Madrid.