Magazine article Screen International

Cineworld Set to Create World's Second-Largest Cinema Group after $3.6Bn Regal Acquisition

Magazine article Screen International

Cineworld Set to Create World's Second-Largest Cinema Group after $3.6Bn Regal Acquisition

Article excerpt

Combined company will operate 9,542 screens across the US and Europe.

UK-based exhibitor Cineworld has agreed terms on a $3.6bn (£2.7bn) acquisition of US theatre chain Regal Cinemas.

The deal, which values Regal at $23 per share, was reported to be in “advanced discussions” last week.

It will create the world’s second-largest cinema group behind the Dalian Wanda-owned AMC Theatres, which also operates Odeon Cinemas.

The companies will have a combined screen count of 9,542 across the US and Europe.

The move is classified as a ‘reverse takeover’, meaning the merged company will retain Regal’s stock market listing. It also contains a clause that allows Regal to entertain competing offers until January 22.

Commenting on the acquisition, Mooky Greindinger, CEO of Cineworld, said: “We have long had high respect for Regal and for its strong position in the largest box office market in the world and we are delighted that the Regal directors have unanimously agreed to recommend our offer to their shareholders. …

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