Clifford Chance

Clifford Chance Prague advises Argus Capital Partners on the sale of Palace Cinemas

Clifford Chance Prague advised Argus Capital Partners on the sale of Palace Cinemas (Central Europe) B.V. to Cinema City International, N.V. (CCI), the listed international cinema operator, for a consideration of EUR 28 million.

The Palace Cinema chain, operating in the Czech Republic, Hungary and Slovakia, comprises of 141 screens in 15 multiplexes. Under the terms of the transaction, which was completed at the end of January 2011, EUR 21.4 million was paid in cash and the remaining EUR 6.6 million was assumed as existing debt of Palace Cinemas. The team was led by corporate partner Alex Cook, assisted by senior associate Tomáš Doležil.