The ever-growing AMC Entertainment Holdings (NYSE: AMC) is now officially the largest cinema operator in the world. The company announced Wednesday that it has closed its acquisition of London-headquartered ODEON & UCI Cinemas Holdings, a deal that also makes AMC the top cinema purveyor in Europe.
The company, itself a majority-owned subsidiary of Chin’s Dalian Wanda Group, struck its deal this past July. The acquisition, which is to be paid for in cash and stock, is valued at a total of around $1.2 billion including debt assumption. The seller was private equity operator Terra Firma, led by veteran British dealmaker Guy Hands.
With the deal complete, AMC takes over its new asset’s 2,243 screens in 244 theaters located across the continent; ODEON & UCI Cinemas is particularly competitive in the U.K., Ireland, Italy and Spain, where it is the top theater operator. All told, the company sells around 90 million tickets annually, according to AMC.
AMC will upgrade the theater-going experience for its European customers. In the press release trumpeting the latest news, AMC quoted its CEO Adam Aron as saying that the company “will introduce throughout Europe our proven guest amenities like plush powered recliners, enhanced food and beverages.”
The closing of the ODEON deal comes as AMC is sewing up another theater chain asset buy: Carmike Cinemas (NASDAQ: CKEC). The two companies originally agreed to an all-cash, $1.1 billion acquisition this past March. Several large Carmike shareholders indicated their displeasure at that amount, and AMC raised its offer slightly to $1.2 billion, including some of its stock.
Earlier this month, the buyout was approved by Carmike shareholders. AMC anticipates that it will close by early next year.
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