The deal, which has been approved by the European Union regulators, is expected to finalise by the end of the month. Odeon & UCI is currently the biggest operator in Ireland and the UK with 244 theatres in Europe and 2,251 screens.
The deal will make AMC the largest movie theatre operator on a global scale, following the purchase of the company from Guy Hands, who owns private equity company Terra Firma.
The Odeon cinema chain was founded in 1930 and taken over by Terra Firma in 2004, as well as United Cinemas International (UCI). The chain has eleven cinemas in the Republic of Ireland, with sixty-eighty screens in total.
Hands expressed his confidence in the takeover when the acquisition was proposed earlier this year, following his company’s twelve-year investment in the chain.
Guy Hands, Ower, Terra Firma:
“Over £600 million was invested in growing the business and delivering our long-term transformational strategy….We are confident that under AMC’s ownership, Odeon & UCI will continue to grow and thrive.”
Adam Aron, CEO & President of AMC:
“With today’s approval, we’re one step closer to gaining first-mover advantage in Europe by delivering AMC’s proven guest-favorite initiatives, such as plush recliner seats, to European moviegoers.”
AMC also received approval from the shareholders of Carmike Cinemas to sell to AMC for a deal also totalling $1.2 billion, which is subject to regulatory review in the United States.
