AMC Theaters bought Europe's largest cinema chain
AMC Theaters, the second largest cinema chain in North America, has acquired London-based Odeon & UCI Cinemas Group, which operates Europe's largest cinema chain. This is reported by The Wrap. The deal is worth $ 1.2 billion. 75 percent of this amount will be paid in cash, another 25 percent - in shares. All legal formalities will be settled by the end of 2016. As of mid-2016, Odeon & The UCI owned 242 European cinemas, with more than 2,200 screens in total. The network sold over 90 million tickets to movie shows annually. Upon completion of the deal, AMC Theaters will have a total of 627 cinemas with over 7,600 screens. According to the head of AMC Adam Aron, the company "soberly assesses all business prospects" after the British referendum, which decided to leave the country from the EU. "We are encouraged that the exchange rate is now favorable to the development of AMC. As the pound sterling is now at its lowest against the dollar over the past 30 years," he stressed. Note that AMC Theaters is owned by the Chinese conglomerate Wanda Group. The Topic of Article: AMC Theaters bought Europe's largest cinema chain. |
