Guy Hands In Talks to Sell Odeon and UCI Circuit

The head of Terra Firma could offload Europe's largest cinema group for $1.96 billion to BC Partners or Omers Private Equity.

LONDON -- Financier Guy Hands, chairman of private equity company Terra Firma, has entered into exclusive talks with BC Partners and Omers Private Equity to sellEurope's largest cinema group, the Odeon and UCI cinema chain, for £1.2bn ($1.96 billion), according to the Guardian .

Hands put the cinema group up for auction last month in a bid to repair the $2.85 billion-worth of damage caused by offloading music giant EMI in February.

According to the Guardian, Hands is not thought to have taken a formal decision to sell the market-leading cinema chain. The British financier could still choose to refinance the business with a new debt of $978 million, or not to sell it at all.