 Odeon is the country's leading cinema chain |
German bank WestLB has sold its 43.4% percent holding in the UK's Odeon cinema chain to a private equity firm. WestLB bought its stake in March 2003 as part of a �430m ($685.3m) deal.
WestLB refused to comment on the price of the sale to Terra Firma Capital Partners, headed by British financier Guy Hands.
The sale is part of the bank's strategy to sell investments in its principal finance division, which it gave up after the unit ran into huge losses.
Losses at the London-based division led to the departure of WestLB's chief executive Juergen Sengera and Robin Saunders, the high-profile City financier.
Odeon, founded in 1930, is the largest cinema operator in the UK with 608 screens at 97 sites.
Last month Terra Firma announced it had acquired the European wing of UCI cinemas from Viacom and Vivendi Universal.
UCI has 86 multiplex cinemas in the UK, Ireland, Spain, Portugal, Italy, Germany and Austria.
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