Cineplex Inc. announced this week that it has entered into a definitive agreement to be acquired by UK’s Cineworld Group. Cineworld Group will acquire all of the issued and outstanding common shares of Cineplex. The total transaction value is approximately $2.8 billion including the assumption of net debt.
“Since Cineplex went public in 2003, we have been committed to delivering value to our shareholders. We believe this transaction today is both financially compelling and in our shareholders best interest,” said Ellis Jacob, President and CEO, Cineplex. “Cineworld Group shares our passion for entertainment and mirrors our commitment to delivering exceptional guest experiences through state-of-the-art technology. The entertainment industry continues to transform and we are pleased that through this agreement we are ensuring Cineplex is part of the next era of global entertainment.”
The transaction ensures that Cineplex’s business, particularly its network of 165 movie theatres across Canada, has access to the global opportunities required to compete effectively in an evolving entertainment landscape.
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