Media & Entertainment - Mergers and Acquisitions
Live Nation completes UK theater division sale
November 03, 2009 2:33 PM ET
By Muhammad Haseeb
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Live Nation Inc. said Nov. 2 that it closed the sale of its remaining U.K. theatrical venues and operations to The Ambassador Theatre Group. In addition, the company closed Oct. 23 the sale of its one-third interest in the Dominion Theatre in London to The Nederlander Group. The U.K. theater portfolio includes two West End theaters, the Lyceum and Apollo Victoria, and 14 regional theaters across the U.K. The total gross sales price for the entire theater portfolio, including Dominion, is approximately $160 million. The two sales represent a multiple of approximately 10.4x estimated 2009 operating income, the company said. In accordance with the terms of Live Nation's credit facilities, nearly 50% of the proceeds after payment of fees, expenses, adjustments for show cash utilized by the company and other adjustments will be applied as a permanent reduction to the company's term loans with the remaining cash going to fund working capital. | 
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