Cineworld completes acquisition of five Empire sites

12th Aug 2016 07:50

(ShareCast News) - Movie theatre operator Cineworld Group confirmed on Friday that it has completed the acquisition of five cinemas from Cinema Holdings Limited, the holding company of Empire Cinema.The FTSE 250 company had initially flagged the acquisition on 28 July, with the deal being worth a total of £94m - 50% in cash, and 50% in new ordinary Cineworld shares, issued to the Anderson family, which controls Empire.Cineworld said the acquisitions included the Empire Leicester Square in London's West End, an 18-screen multiplex in Basildon, a 17 screen multiplex in Hemel Hempstead, a 16 screen multiplex in Poole, and a smaller four screen cinema in the London borough of Bromley.The four larger cinemas feature IMAX screens, Cineworld reported."This acquisition brings Cineworld five modern and well invested venues complementary to our existing estate, including the iconic Leicester Square cinema in the heart of London's West End," chief executive Mooky Greidinger said at the time."It underscores our commitment to operating high quality and modern cinemas across all of our nine operating countries, and our mission to be the best place to watch a movie."I'm delighted that the Anderson family, well-known cinema industry veterans, have entrusted these sites to us," he added."We welcome them as shareholders in Cineworld and look forward to delivering increased returns to all of our investors from integrating these cinemas into our group."