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
- Amazon can keep Parler offline, judge rules
- Amazon, Virginia Mason team up on COVID-19 vaccine pop-up clinic
- Amazon, Costco not among major retailers shunning MyPillow and its Trump-boosting CEO
- Western Washington home sales, prices climbed in 2020. See how home prices rose in 23 counties.
- Lawyers advise Ethiopian Airlines against 'financially disastrous' settlement offer by Boeing over 737 MAX crash
In morning trading, Regal shares rose 9.4 percent to $22.67. The stock is up 10 percent in the year to date.