AMC Entertainment Holdings has acquired London-based Odeon & UCI Cinemas Holdings Limited from private equity firm Terra Firma. When the transaction closes, expected on or about November 30, the combination of AMC and Odeon & UCI will make AMC the largest movie theatre operator in the world.
"We're pleased by the European Commission's approval," said Adam Aron, CEO and president, AMC. "With today's approval, we're one step closer to gaining first-mover advantage in Europe by delivering AMC's proven guest-favorite initiatives, such as plush recliner seats, to European movie-goers."
With 244 theatres and 2,251 screens, Odeon & UCI is currently the number one theatre operator in Europe. With 90 million tickets sold annually, it is also the number one theatre operator in the UK & Ireland, Italy and Spain; the number two theatre operator in Austria and Portugal; and the number four theatre operator in Germany.
For the year ended December 31, 2015 and six months ended June 30, 2016, Odeon/UCI had revenues of $1,142.0 million and $526.2 million, respectively. The combination of AMC and Odeon & UCI is expected to result in AMC's operation of 632 theatres and more than 7,500 screens in eight countries.
AMC also is currently in a process to acquire US-based theatre exhibitor Carmike Cinemas. Carmike shareholders have approved the transaction. Closing remains subject to customary conditions, including regulatory approval and is expected to be completed by the end of 2016 or early 2017.
AMC Entertainment Holdings http://www.amctheatres.com