NEW YORK (AP) — Cineworld Group PLC is buying Regal Entertainment Group for $3.61 billion in a deal that gives the movie theater operator a larger global footprint.
Cineworld, based in the United Kingdom, is paying $23 cash per Regal share, marking an 11 percent premium over its closing price on Monday. The deal is valued at $5.9 billion including debt.
Regal, based in Knoxville, Tennessee, operates 7,315 screens in 561 theaters in the U.S. under brands including Regal Cinemas and United Artists. Cineworld operates 2,227 screens in nations including the U.K., Ireland, Poland, and Slovakia.
The deal is expected to close during the first quarter of 2018.
Most Read Business Stories
- Paul Allen's death leaves many questions around what's likely the largest estate in Washington history
- Remembering Paul Allen: In the beginning, there was Traf-O-Data and Hendrix
- Boeing tanker to miss delivery date, Air Force secretary says
- Microsoft CEO Satya Nadella makes 154 times median employee pay
- No single force brought down Sears, but the lessons are haunting | Jon Talton
In morning trading, Regal shares rose 9.4 percent to $22.67. The stock is up 10 percent in the year to date.