Kirkland & Ellis is representing the group of sellers including Actera Group, the largest private equity firm dedicated to investments in Turkey, in connection with the sale of Mars Entertainment Group, Turkey’s biggest cinema chain, to an investment group led by South Korean cinema chain operator CJ CGV, at an enterprise value of USD 800 million.
Actera currently holds a 69.5 percent stake in Mars Entertainment along with fellow investment manager Esas Group, with the remaining 30.5 percent held by the company founding partners Muzaffer Yildirim, Menderes Utku and Ayse Nilgul Utku. CJ CGV, which is the largest operator of multi-screen theatres in South Korea, has agreed to acquire 38.12 % of Mars Entertainment Group, with the remaining shares being bought by unidentified investors.
The Kirkland team was led by London corporate partner David Arnold and associate Amelia Doughty.
Turkish counsel on the transaction, which is expected to close in May 2016, was Verdi Avukatlik Ortakligi and Kim and Chang advised the buyers. Goldman Sachs and Morgan Stanley acted as financial advisors to the sellers.