Multiplex operator PVR today said it has sold its premium bowling and entertainment format bluO entertainment to Smaaash Entertainment for Rs 86 crore.
"PVR has entered into definitive agreements with Smaaash Entertainment to sell its stake in bluO entertainment, a premium bowling and entertainment format operated by the company," it said in a statement here.
BluO is a joint venture between PVR and Major Cineplex Group of Thailand, in which the Indian firm owns 51 per cent stake, while the balance 49 per cent is with the latter.
"Smaaash has acquired 100 per cent stake in bluO entertainment through a cash acquisition deal," it said.
The acquisition will add six centres across five cities to Smaaash's existing seven centres in India and one in the US. The newly acquired centres will operate under Smaaash branding.
"The sale of bluO is in line with our strategy to divest all non-core assets and focus on our core cinema exhibition business.
"We are pleased to sell the business to Smaaash, which is a leader in the retail and entertainment space in India and the US, and believe they will take the business to even greater heights," PVR Chairman cum Managing Director Ajay Bijli said.
Consultancy major EY was the financial advisor to the shareholders of PVR bluO for the transaction.
"The acquisition of bluO is a significant step in doubling Smaaash's scale and outreach in India's fast-growing retail entertainment space," Smaaash Entertainment Chairman Shripal Morakhia said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)