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News > Deals
Virgin merges two units
September 16, 1997: 12:32 p.m. ET

Company combining retail, cinema units as part of $558M deal
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NEW YORK (CNNfn) - Britain's Virgin Group said Tuesday it will merge its retail and cinema businesses in a deal valued at $558 million.
     The company will call the combined unit Virgin Entertainment Group, which will oversee 58 music megastores and 27 cinemas in the U.K. and Ireland.
     "Both [units] are extremely important carriers of the Virgin brand worldwide," said Virgin founder Richard Branson.
     The new company will use a $239 million loan to expand in the United States and Europe, it said.
     Virgin Group will own about 70 percent of Virgin Entertainment. Three investment groups will own the rest. They are two U.S. companies, Texas Pacific Group, 14.3 percent; and Colony Capital Inc., 10 percent; and Singapore's Hotel Properties Inc., with 5.7 percent. Back to top

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.