The US cinema chain owned Wanda Group, AMC Entertainment (NYSE:AMC) is snapping up London-based Odeon cinemas for around £921mln (US$1.2bn).
In a self-confessed “opportunistic transaction” AMC is taking advantage of the weak pound following Brexit and buying Odeon, Europe’s biggest cinema chain from Terra Firma.
The deal is the first billion-dollar sale of a UK firm since Brexit.
“With this opportunistic transaction, AMC will be extending the reach of our proven guest experience strategies to transform the movie-going experience for millions of movie goers in Europe,” said AMC chief executive Adam Aron.
“This is a once-in-a-generation opportunity to acquire Europe’s leading cinema chain and create the world’s biggest and best theatre operator.”
Odeon runs 242 theaters and 2,236 screens across Europe. It is the leading cinema chain in the UK, Ireland, Italy and Spain.
AMC was acquired by Dalian Wanda in 2012. In January, the group announced it was buying Legendary Entertainment, the Hollywood studio behind the Batman trilogy and the Hangover franchise.
It is also in the process of acquiring the US’s fourth largest cinema chain, Carmike Cinemas for US$1.1bn. The deal has faced opposition from a number of shareholders.
“Some Carmike shareholders have an unrealistic view as to Carmike’s value to AMC, and their resulting price expectations are simply beyond what AMC believes is prudent to pay,” said AMC in a separate statement Tuesday.