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| Guy Hands sells Odeon & UCI Cinemas Group to AMC for £920m | Guy Hands sells Odeon & UCI Cinemas Group to AMC for £920m |
| (about 1 month later) | |
| Guy Hands has sold Odeon & UCI Cinemas Group to the US company AMC Entertainment in a deal valued at about £920m. | Guy Hands has sold Odeon & UCI Cinemas Group to the US company AMC Entertainment in a deal valued at about £920m. |
| Adding Odeon & UCI’s 242 sites to AMC’s existing business will make it the biggest cinema owner in the world, with 627 theatres and more than 7,600 screens in eight countries. | Adding Odeon & UCI’s 242 sites to AMC’s existing business will make it the biggest cinema owner in the world, with 627 theatres and more than 7,600 screens in eight countries. |
| AMC, which is majority-owned by the Chinese billionaire Wang Jianlin’s Dalian Wanda Group, said it would assume £407m of net debt as part of the deal to buy the No 1 theatre operator in Europe from Hands’ private equity firm Terra Firma. | AMC, which is majority-owned by the Chinese billionaire Wang Jianlin’s Dalian Wanda Group, said it would assume £407m of net debt as part of the deal to buy the No 1 theatre operator in Europe from Hands’ private equity firm Terra Firma. |
| Odeon & UCI, which Hands has been seeking to sell for several years, will continue to be based in London and will operate as a subsidiary of AMC. | Odeon & UCI, which Hands has been seeking to sell for several years, will continue to be based in London and will operate as a subsidiary of AMC. |
| Terra Firma bought the UCI and Odeon chains as two separate businesses in late 2004 and merged them to create Europe’s biggest cinema chain. | Terra Firma bought the UCI and Odeon chains as two separate businesses in late 2004 and merged them to create Europe’s biggest cinema chain. |
| In the first three months of 2016 the group reported a 10% rise in revenue to £209m, and ebitda of £30.7m, with hits including Deadpool and The Revenant boosting box office takings. It also announced plans to open 20 new cinemas across Europe by 2020, including eight in the UK. | In the first three months of 2016 the group reported a 10% rise in revenue to £209m, and ebitda of £30.7m, with hits including Deadpool and The Revenant boosting box office takings. It also announced plans to open 20 new cinemas across Europe by 2020, including eight in the UK. |
| AMC said it was committed to closing its $1.1bn (£830m) acquisition of Carmike Cinemas in the US. The deal was thrown into doubt after the smaller chain adjourned a shareholder vote on it last month. | AMC said it was committed to closing its $1.1bn (£830m) acquisition of Carmike Cinemas in the US. The deal was thrown into doubt after the smaller chain adjourned a shareholder vote on it last month. |
| The company said it would continue to work with Carmike this week to see if the deal could be saved, but said the transaction was at a “considerable risk”. | The company said it would continue to work with Carmike this week to see if the deal could be saved, but said the transaction was at a “considerable risk”. |