Dec 16, 2019

UK cinema chain Cineworld to buy Canadian group Cineplex

UK-based Cineworld has announced that it plans to acquire the Canadian cinema chain Cineplex in a deal that would make it the largest cinema group in North America by number of screens. The bid, which values Cineplex at $2.1bn including debt, would allow Cineworld to tap the $770m annual revenues from the Canadian box office, of which Cineplex has 75 per cent market share. The acquisition comes one year after Cineworld bought the US chain Regal cinemas in a $3.6bn deal. That deal made it the largest cinema group in the world behind AMC theatres, which is owned by China's Dalian Wanda and includes the UK chain Odeon. Shares in the FTSE 250 UK cinema group fell 6.6 per cent in early London trading.

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