Terra Firma holds onto Odeon

The decision to halt the sale process came after a strategic review of the company conducted by JP Morgan and Goldman Sachs, according to the Financial Times. The asset was expected to fetch up to £1bn.

The review showed that the cinema chain's poor performance in the Spanish market decreased overall group value by 3% in Q2. Terra Firma was reportedly advised not to divest the company until trading improves.

Terra Firma acquired Odeon in August 2004 for €650m. The private equity firm then merged Odeon with UCI, which it acquired for €350m that same year. Barclays arranged debt facilities in the transactions. Blackstone was reported to have been involved in the bidding process alongside UK cinema chain Vue Entertainment, owned by BC Partners.

Founded in 1930, Odeon is the largest cinema chain in the UK and Ireland.

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• Terra Firma