Magazine article Screen International

IMAX Sells 20pc Stake in China Business

Magazine article Screen International

IMAX Sells 20pc Stake in China Business

Article excerpt

The $80m sale of the stake in Imax Corporation's Greater China business to investment fund CMC Capital Partners (CMC) and private equity firm FountainVest Partners (FountainVest) values the company at $400m in the eyes of the investors.

The investors will pay the $80m in two equal instalments, the first of which was expected to close on April 8 and the second in early 2015.

IMAX China will continue to be a consolidated subsidiary of IMAX Corporation.

The transaction is expected to lead to an eventual initial public offering of IMAX China and pave the way for ongoing expansion of IMAX's theatre network and overall presence in China.

"China is an enormously complex market in which we have accomplished quite a bit over the last 15 years," said IMAX Corporation CEO Richard L Gelfond.

"At this juncture, it makes sense to bring in Chinese investors to help us better address local market dynamics and further optimise our business in China, including both our core theatre business as well as new business initiatives such as the home theatre joint venture we announced last year with TCL. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.