Acquisitions20 Nov 2024, 03:14 pm
UFO Moviez India Ltd Acquires Digital Cinema Deployment Business of United Mediaworks Private Limited for INR 13 Crores
AI Summary
UFO Moviez India Ltd has approved and executed a Business Transfer Agreement (BTA) with United Mediaworks Private Limited (UMW) for the acquisition of their digital cinema deployment business as a going concern on a slump sale basis. The total consideration for the acquisition is a lump sum of INR 12,00,00,000 (Indian Rupees twelve crores only) and a non-compete fee of INR 1,00,00,000 (Indian Rupees one crore only). The BTA includes certain non-compete and non-solicit restrictions on UMW, Promoters and Key Person. The acquisition is not a related party transaction and does not involve any issuance of shares or loan agreements.
Key Highlights
- UFO Moviez India Ltd acquires digital cinema deployment business of United Mediaworks Private Limited
- Acquisition is for a lump sum consideration of INR 12,00,00,000 and a non-compete fee of INR 1,00,00,000
- Business Transfer Agreement (BTA) includes non-compete and non-solicit restrictions on UMW, Promoters and Key Person
- Acquisition is not a related party transaction
- No issuance of shares or loan agreements involved in the acquisition