Turkey’s Mars Cinema Group Said Talking to Banks on SaleIsobel Finkel, Ercan Ersoy and Dinesh Nair
Mars Entertainment, Turkey’s largest cinema chain, is in talks to hire an investment bank to manage a sale of the company, according to four people with knowledge of the matter.
Goldman Sachs and Morgan Stanley are among the financial institutions pitching for the sale, the people said, asking not to be identified as the process isn’t public. Bank of America Corp. is also interested, according to two people. The business may be worth about $500 million, three of the people said.
Buyout firms Actera Group and Esas Holding equally own 69.5 percent of Mars, with 30.5 percent held by founding partners and Chief Executive Officer Muzaffer Yildirim, according to its website. Actera invested in Mars in 2010 after Colony Capital’s exit, and Esas in 2011.
Mars Sinema & Sportif Tesisler Isletmeciligi AS, as the company is formally known, owns the “Cinemaximum” chain, which has more than 600 screens, and Mars Athletic Club gyms.
Joseph Stein, a Goldman Sachs spokesman, and Alex Wessendorff, a spokesman for Morgan Stanley, declined to comment. Alexandra Parry, a spokeswoman for Bank of America, declined to comment. Questions to Gizem Lalli, a spokesman for Mars, weren’t immediately answered.