Emaar in talks to sell stake in entertainment unit: report

US-based Blackstone Group LP and Luxembourg-based CVC Capital Partners are in talks to buy a stake of up to 40 percent in Dubai developer Emaar Properties’ entertainment division, Bloomberg reported Wednesday, citing sources familiar with the matter.

The entire unit could fetch as much as $2 billion, one of the sources said.

No agreement has been reached yet and the discussions may not result in a deal, it was reported.  

Dubai-listed Emaar operates the Dubai Aquarium & Underwater Zoo, Dubai Ice Rink and the Reel Cinemas chain under its entertainment division.

Earlier this year, sources told Bloomberg that Emaar was mulling the sale of a minority stake in Reel Cinemas.

At the time, the company said it had considered the idea previously but decided not to go ahead with it.