Dec 5, 2017
Blockbuster: Cineworld agrees deal to buy Regal
Cineworld has agreed a deal to buy Regal Entertainment in a transaction it says will make the combined group the second-largest cinema chain in the world, with over 9,500 screens. The deal, which first emerged last month, will involve a fully underwritten £1.7bn rights issue from Cineworld and gives an enterprise value to Regal of $5.8bn. After the merger, the combined group will operate in 10 countries, giving Cineworld access to the lucrative North American market. Regal is a great business and provides Cineworld with the optimal platform on which we can continue our growth strategy. Cineworld noted that its biggest shareholder, Global City Holdings, which is linked to the Greindinger family and holds a 28 per cent stake, has agreed to take up its full entitlement of the rights issue. Meanwhile the Anschutz Corporation, which has 67 per cent of the voting power in Regal, has also agreed to approve the merger.
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