Yahoo Finance Temasek Holdings' 65 Equity Partners pours $150 mil in Cityneon
Cityneon was previously listed on the SGX before delisting in February 2019.
65 Equity Partners, a fund management firm that is wholly-owned by Temasek Holdings, has invested $150 million in Cityneon.
The latest round will form a “new and strong investor base for the group’s future”, says Cityneon via a statement on Oct 26.
It adds that the funds raised will be “strategically channelled towards the group's growth strategies globally”.
This includes expanding into new markets, acquiring of new intellectual property (IP), building up technological capabilities via the group's in-house research and development (R&D) department, establishing new and profitable lines of businesses, and shoring up its balance sheet, continues the statement.
Cityneon, which is in the business of providing unique, experiential and large-scale experiences for movie fans and families, was previously listed on the Singapore Exchange (SGX) before delisting in February 2019.
The group had received a privatisation offer from its executive chairman Ron Tan and Hong Kong entrepreneur Johnson Ko Chun Shun in October 2018.
In August 2019, after its delisting, Cityneon received funding from the investment arm of the Singapore Economic Development Board (EDBI).
In April 2021, the group raised $235 million in a round of private funding from shareholders such as Pavilion Capital, Seatown Holdings International, EDBI and executive chairman Tan. The funding came ahead of the group's potential initial public offering (IPO).
With the latest investment, 65 Equity Partners joins Cityneon’s other investors, which also include CITIC Capital and Ko.
“We are excited to partner Cityneon's management team in its next phase of growth. Cityneon has a unique franchise, which provides intellectual property (IP)-based immersive entertainment where it has built a leading position globally supported by a portfolio of high-quality IPs," says Tan Chong Lee, CEO of 65 Equity Partners.
This investment aligns strategically with our mandate of supporting high growth, leading businesses led by founders and entrepreneurs, to help them scale and fulfil their growth aspirations, as well as facilitating their eventual public listing," he adds.
Further to its announcement, Cityneon announced the rebranding of its name to become Neon.
Ron Tan, executive chairman and group CEO of Cityneon, says, "This successful round of funding is a testament of the confidence in the group and affirms our trajectory of growth as a global leader in creating unique, immersive experiences for audiences worldwide.
"With the support of 65 Equity Partners, and our strong stable of existing shareholders, we are excited about future opportunities as we continue to strengthen our capabilities and expand the reach of our portfolio of IP experiences to accelerate growth into 2023 and beyond.”
He adds: “Our rebranding into Neon, encompasses our vision of the convergence of the physical and digital space, transcending geographical limitations and creating a fully integrated global experience for our visitors."
Credit Suisse acted as Cityneon’s sole financial advisor on this transaction.
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