Major Korean multiplex chainMegabox has secured investment from the private equity arm of StandardChartered Bank which has acquired a 45% stake in the company for $73m.
The deal follows anagreement reached last month for former Megabox shareholder,
Set up as a joint venturebetween Loews and Mediaplex in 2000, Megabox operates 15 cinemas with 126screens and plans to have more than 200 screens by 2007. Mediaplex also owns majorKorean film investor and distributor Showbox.
Loews, which also ownsscreens in the
Standard Chartered PrivateEquity invests in mid to late stage companies in need of expansion capital oracquisition finance, and in management buy-outs, throughout
Megabox attributes StandardChartered's investment decision to the potential seen in the Koreanentertainment industry and long-term development possibilities. "They made ahigh assessment of Megabox's past five years' growth rate and competitivenessand decided to invest," said Megabox in a statement.