AMC Entertainment’s Acquisition Of Odeon & UCI Clears European Commission
AMC Entertainment is having a good week: The European Commission just approved its acquisition of UK-based Odeon & UCI Cinemas, one day after Carmike Cinemas shareholders OKed a plan to sell to AMC.
The $1.1 billion deal for Odeon & UCI should close around November 30, the Wanda Group-controlled exhibition chain says. That will make AMC the world’s largest theater company. It’s still waiting for the U.S. Justice Department to decide whether it will move to block the $1.2 billion (with debt) Carmike deal.
“We’re pleased by the European Commission’s approval,” CEO Adam Aron says. “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.”
AMC will pay Odeon & UCI’s owner, private equity firm Terra Firma, $467.1 million in cash, $155.7 million worth of AMC stock, and assume its $588.2 million debt.
AMC just completed a major debt offering, and took on a term loan, to help pay for the two acquisitions.
Odeon & UCI Has 244 theatres and 2,251 screens in Europe, and is especially strong in the UK, Ireland, Italy and Spain. It generated $1.14 billion in revenues last year.
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