Odeon & UCI Cinema Group has been bought by AMC Entertainment, a US chain owned by Chinese conglomerate Dalian Wanda, in a deal worth £921m ($1.21bn).
Odeon & UCI is currently owned by private equity firm Terra Firma, and has 242 theatres with 2,236 screens.
Dalian Wanda, the world’s biggest movie theatre operator, is led by China’s richest man Wang Jianlin.
Odeon & UCI will continue to be based in London and will operate as a subsidiary of AMC.
Adam Aron, AMC’s chief executive and president said in a statement: “This is a once-in-a-generation opportunity to acquire Europe’s leading cinema chain and create the world’s biggest and best theatre operator.”
He said there were uncertainties created by Brexit, but added “we are encouraged that current currency rates are highly favourable to AMC with the pound falling to a three decade low versus the dollar”.
The addition of Odeon & UCI will mean AMC has 627 theatres and more than 7,600 screens in eight countries.
The sale is still subject to competition clearance from the European Commission.
Source-BBC
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