AMC Theatres buying Europe’s Odeon & UCI in $663M deal
LOS ANGELES — The owner of the AMC Theatre chain is buying European movie theatre operator Odeon & UCI Cinemas Group from private equity firm Terra Firma in a deal that would make it the largest movie theatre operator in the world.
AMC will pay 500 million pounds ($663 million) in cash and stock. It will also assume 407 million pounds ($539.4 million) in debt.
AMC CEO Adam Aron said in a call with investors on Tuesday that the deal was spurred on by a British pound at a 3-decade low versus the dollar following Britain’s vote to leave the U.K., the so-called “Brexit.”
“We’re making this acquisition opportunistically,” he said.