Firm News

Terra Firma Announces Acquisition of Odeon

Release Date:

02 September 2004

Law Firm:	Mishcon de Reya
Client Name:	Brookwall Investments Limited - one of the vendors
Description of Deal:	(See below)
Value of Deal:	£400m+
Deal Completion Date:	2 September 2004
Firm's Key Personnel:	Richard Tyler (Corporate Partner) Nick Gayner (Corporate Assistant)
Other Parties:	Ashurst Morris Crisp

Terra Firma announces the acquisition of Odeon from its shareholders. The new company will be financed with a mixture of debt and equity with the debt being arranged by Barclays Capital.

Odeon is the leading cinema group in the UK and operates 97 well-invested cinemas with a total of 619 screens, a substantial number of which are freeholds or long leaseholds. Odeon has a strong financial track record and produced an EBITDA in 2003 of £38.5 million.

Guy Hands, Chief Executive of Terra Firma Capital Partners, said:

"I am delighted to announce the acquisition of Odeon which has a leading position in the attractive UK market. Today's deal makes strong financial sense - with the business being backed both by assets and stable cashflows. We also believe that there are exciting opportunities to develop Odeon further."

For further information contact Financial Dynamics: 020 7831 3113 - Andrew Dowler, Ben Foster