P.M. BRIEFING : Marvin Davis, Prudential to Buy Spectradyne in $635-Million Deal
Billionaire Marvin Davis and the Prudential Insurance Co. of America said today they will purchase Spectradyne Inc., which provides pay-per-view movies to the hotel industry.
Davis’ Los Angeles-based Davis Cos. and Prudential said they agreed to pay about $635 million for the company from a group that had acquired it two years ago in a $450-million deal.
The selling group consists of Acadia Partners, L. P., of Fort Worth, an entity affiliated with billionaire investor Robert M. Bass, and the Dallas-based investment firm of Hicks & Haas Inc., which has made several acquisitions in manufacturing, communications and the beverage industry.
Davis’ companies hold interests in oil and gas, real estate and entertainment.
Spectradyne “is a fast-growing technology company that links my interests in lodging, technology and entertainment,” Davis said in a statement.